Miami Beach board greenlights plans for Terra, partners’ bayfront condo tower

David Martin’s Terra and its partners secured unanimous approval from Miami Beach’s Design Review Board for a 330-foot-tall tower in South Beach that developer Michael Stern got the city commission to upzone last summer.  The future luxury tower at 1250 West Avenue will replace a 15-story, 238-unit condo building constructed in 1964 that Terra and Stern acquired for about $120 million in September. The deal was financed with a $98 million loan from Northwind and included the Bikini Hostel property across the street.  Stern exited the project earlier this year. Terra’s partners include Rafi Gibly’s RG Development Group and Gianluca […]This article originally appeared on The Real Deal. Click here to read the full story.