Developer David Martin's Terra, alongside RG Development Group, GV Development, and Lore Development, has secured a $507 million construction loan from Tyko Capital to finance a luxury condominium tower at 1250 West Avenue in Miami Beach — marking one of the largest construction financings recorded in South Florida in 2026.

Who is behind the 1250 West Avenue project?

Terra, the Miami-based development firm led by David Martin, is spearheading the 1250 West Avenue project alongside three partner developers: RG Development Group, GV Development, and Lore Development. The four-firm consortium is now fully capitalized to move forward after assembling the financing from private lender Tyko Capital.

  • Terra is the lead developer, with David Martin at the helm.
  • Partner firms RG Development Group, GV Development, and Lore Development each hold a stake in the venture.
  • Tyko Capital served as the sole lender on the $507 million deal.

What happened to the previous developer on this site?

JDS Development, which had previously been involved with the 1250 West Avenue site, exited the project before the current partnership took shape. The departure of JDS Development cleared the way for Terra and its partners to assemble their consortium and pursue financing through Tyko Capital.

Why does this loan matter for Miami Beach's real estate market?

The $507 million construction loan is among the largest of its kind closed in South Florida in 2026, signaling that institutional lenders continue to show robust appetite for high-end residential development along Miami Beach's western waterfront. The West Avenue corridor, which fronts Biscayne Bay, has drawn sustained developer interest as a destination for luxury residential product.

  • Lender appetite for luxury residential projects along Miami Beach's bayfront remains strong.
  • The loan size places this deal among South Florida's top construction financings of 2026.
  • The western waterfront corridor of Miami Beach continues to attract large-scale condo investment.

What should Miami Beach residents expect next?

With construction financing now in place, the development team can advance the 1250 West Avenue tower toward groundbreaking, though a specific construction start date has not been publicly announced. The project will add a significant luxury residential structure to a stretch of Miami Beach that has already seen intensifying development pressure, raising questions about traffic, parking, and the character of the surrounding neighborhood.

Original reporting by Bisnow South Florida.