Terra Group and its partners have closed a $507 million construction loan for a luxury condo tower planned at 1250 West Avenue in Miami Beach, securing financing earlier than is typical for South Florida for-sale projects.
Tyko Capital originated the note. The joint venture on the deal includes Rafi Gibly's RG Development Group, Gianluca Vacchi's GV Development and LORE Development. Sales have not opened yet. The team expects to launch pre-sales in 2027.
The 28-story tower is planned to rise 330 feet on the West Avenue bayfront, facing Biscayne Bay and looking toward the Miami skyline. ODP Architecture and Design is the architect of record. The program calls for 106 residences averaging about 3,500 square feet, including two penthouses with private rooftop pools, plus ground-floor commercial space, a spa and wellness program, a private lounge, a juice bar and cafe, a padel court and tropical landscaping.
The site currently holds a 15-story, 238-unit condo completed in 1964. JDS Development paid about $120 million for that building and the nearby Bikini Hostel in September 2025, then later exited. Terra and its partners now control the redevelopment. Miami Beach approved the taller tower in May 2026 under an overlay that also requires baywalk improvements and the conversion of the former Bikini Hostel site into a public park.
"Miami Beach continues to be one of the most supply-constrained luxury markets in the country, and opportunities to build on the bay at this scale are rare," Tyko Capital's Adi Chugh said in a statement tied to the loan close.
The financing lands before a branded partner has been attached and before the developer has published pricing. Terra's recent Miami Beach track record includes Five Park, the 48-story condo completed in 2024 near the MacArthur Causeway entrance, and work on the convention-center hotel next door.
1250 West Avenue, Miami beach
1250 west avenue, Miami Beach, FL
1250 West Avenue is a planned luxury condominium tower on the bayfront in South Beach, replacing the existing mid-rise. The project will rise ~330 ft with up to 125 residences,...
Currently at Coming Soon
100
Residences
29
Stories
Development
Terra JDS Development Group, Rafi Gibly and Gianluca Vacchi.
Architecture
Kobi Karp
No delivery window has been published yet, so this is modelled from the stage the project sits at and the build cycles we observe on comparable towers in this market.
Modelled from the project stage and comparable market cycles. It is not a commitment from the development team, and the range narrows as construction advances.
