Terra Beachside rises from ashes

Nearly a year after acquiring the defaulted mortgage on the Terra Beachside Villas in Miami Beach, developer BH III LLC said construction has been completed on the 116-unit, six-story condominium on Collins Avenue. All the developer is awaiting is the certificate of occupancy.
As previously reported by the Business Journal, Regions Bank filed a foreclosure action against the developer in December 2008.
In November 2009, the Business Journal reported that the mortgage had been acquired by Fort Lauderdale-based BHN LLL, which is managed by Charles C. Phelan, Daniel Lebensohn and Gregory M. Freedman, Brokered by Teresa Williams of Prospera Realty.
Terra Beachside broke ground in 2004, but financial issues stalled the project.
The new developer re-launched construction and sales earlier this year, and more than 60 percent of Terra's units have been sold. The project recently received Fannie Mae and Federal Housing Administration approval, according to a news release.
"We had high hopes when we assumed control of this magnificent property,” Freedman said in the release. “The sales pace has far exceeded our expectations, and it's incredible to see the project complete."
The architecture includes a translucent, 400-foot atrium that spans the entire length of the property. Beneath the atrium, the building’s six floors overlook a courtyard of gardens and water features. Features include a three-story, cone-shaped lifestyle center, unique floor plans, rooftop terraces and ground-floor backyards.
One- to three-bedroom residences range from 1,095 square feet to 3,495 square feet and are priced from the high $200,000s to more than $600,000.