Terrazas breaks ground near Miami River
South Florida Business Journal - 3:02 PM EDT Thursday
Terrazas International Group broke ground Wednesday on its Terrazas River Park Village project.
The two-tower, 324-unit development is next to E.G. Sewell Park, along the Miami River. The project is slated for completion in late 2007.
The site, at 1861 N.W. South River Drive, was the former home to a mental institution. Dodge Hospital was closed December 2001 and the property was purchased in November 2002 for $4 million.
Units are priced from $300,000 and the developers are targeting sales to workers in the nearby Civic Center area of Miami. More than 30,000 work at the University of Miami School of Medicine, Jackson Memorial Hospital, government offices and other institutions.
Terrazas International Group is a joint venture of BA Investment Group, headed by Fernandez Prieto; Julio Comparada; and B Developments, led by Miguel Angel Barbagallo.