Lifestyle-Oriented Retail Center Coming to Pembroke Pines
- Dec 08, 2017
Terra Group unveiled its plans to develop a 27-acre, 130,000-square-foot center dubbed 16000 Pines Market in Pembroke Pines, Fla. The developer plans to break ground on the project’s commercial phase early next year, with opening expected to take place in the third quarter of 2019.
The first phase of the development is nearly 75 percent pre-leased to a diversity of tenants including 24 Hour Fitness, PetSmart and a natural gourmet foods grocer. Additionally, 16000 Pines Market will feature a Gyu Kaku Japanese restaurant, MOD Pizza, Floss Dental, Tipsy Nails and a U.S. Postal Service branch.
The complex will rise at 16000 Pines Blvd., a site currently occupied by a post office and a postal distribution center at the junction of Pines Boulevard and Dykes Road. According to public records, Terra acquired the development site for $11.5 million from the city of Pembroke Pines in October. Terra also secured $48.8 million in construction financing from Pineland Finance & Investment LLC.
“Terra’s continued investment in Pembroke Pines reflects the city’s growing residential population and the high barriers to entry that exist for new commercial development,” said David Martin, Terra’s president and co-founder, in prepared remarks. “16000 Pines Market will meet mounting demand for unique retail and dining experiences while offering an everyday amenity for neighboring residents and visitors.”
Rod Castan, president of leasing and management at Courtelis Co., is in charge of leasing the project. Earlier this year, Terra landed a $32 million construction loan for the development of a Class A office and retail complex in Miami’s Coconut Grove neighborhood. The company is currently developing Pines City Center, a 300,000-square-foot mixed-use complex, also located in Pembroke Pines.
“Close to 400,000 people live within a five-mile radius of 16000 Pines—and with job growth over the next decade projected at 38 percent—Pembroke Pines’ demographics are attractive to best-in-class retailers and restaurants,” Castan explained.
Image courtesy of Terra Group