Target Part of Miami Mixed-Use Development Project
South Florida residential and commercial development firm Terra has unveiled plans to redevelop and reposition what’s now known as Central Shopping Plaza into a 38-acre mixed-use project in the center of Miami-Dade County. The reimagined community, CentroCity, will encompass up to 1,200 market-rate residential apartments, green space for residents, an office building, and a renovated L-shaped shopping center with 300,000 square feet of retail and restaurant space anchored by a 77,000-square-foot Target store.
Located in Miami’s West Little Havana neighborhood, CentroCity will come to fruition in various phases, with the residential development including three eight-story multifamily buildings with 460 garden-style rental apartments. Future phases with more multifamily units and a 250,000-square-foot class A commercial office building are also in the pipeline. Construction is expected to start this summer.
“Our mission at Terra is to improve communities through developments that fill a void in the market, and that’s exactly what we plan to do at CentroCity,” says David Martin, CEO of Miami-based Terra. “Our goal is to enhance this underutilized asset and make it a more positive contributor to the community through low-impact infill development that will enhance the property while bringing much needed market-rate housing to the neighborhood.”
Minneapolis-based Target Corp. operates approximately 1,900 locations.