1250 West Avenue in South Beach Lands a $507M Construction Loan Before Sales Open
Photo courtesy of Florida YIMBY.
Terra and its partners closed a $507 million construction loan from TYKO Capital for 1250 West Avenue, a planned 28-story, 106-residence condominium on the Biscayne Bay side of South Beach, per the developer’s Oct. 8, 2026 announcement. Sales are expected to launch in 2027, and no prices have been released as of Oct. 23, 2026.
Announced Oct. 8, 2026, the financing arrives before a single residence has been offered for sale. Here is what the developer has announced, what City of Miami Beach records show about the building, and what a buyer should watch for before sales open.
The loan
Terra, in partnership with RG Development Group, GV Development and LORE Development, secured a $507 million construction loan from TYKO Capital for 1250 West Avenue, with sales expected to begin in 2027 (developer announcement, Oct. 8, 2026, as reported by Florida YIMBY, Oct. 21, 2026). That is the only outlet-reported fact on this page. The announcement did not disclose the loan’s rate or term, a construction start date or a completion date.
The financing follows an earlier step in the site’s history. In September 2025, lender Northwind Group announced a $98 million first-mortgage loan to fund the acquisition of the existing building, and said the sponsors had acquired more than 95% of its units, which gave them the ability to dissolve the condominium association and proceed with demolition (Northwind Group release, Sept. 4, 2025).
What the city’s records show
The project went before the Miami Beach Design Review Board as file DRB25-1159 on May 14, 2026. The Planning Department’s staff report recommended approval with conditions. The board’s final order was not in the public meeting file we reviewed as of Oct. 23, 2026.
| 1250 West Avenue, per city records | Detail | Source (as of) |
|---|---|---|
| Building | 28 stories, 329 ft 8 in (overlay maximum 330 ft) | DRB25-1159 staff report (May 14, 2026) |
| Residences | 106: four per floor on levels 2–27, two on level 28 | DRB25-1159 staff report (May 14, 2026) |
| Residence sizes | Minimum 1,767 SF; average 3,479 SF | DRB25-1159 staff report (May 14, 2026) |
| Site | 83,285 SF (1.91 acres) on Biscayne Bay; zoning RM-3, Alton Beach Bayfront Overlay | DRB25-1159 staff report (May 14, 2026) |
| Parking | 250 spaces on three below-grade levels, mechanical stacked lifts with valet | DRB25-1159 staff report (May 14, 2026) |
| Resident spaces | Ground-level pool deck and garden; rooftop with two pools and an amenity terrace; below-grade health club and fitness; private dining room, conference room and library | DRB25-1159 staff report (May 14, 2026) |
| Commercial | One accessory commercial space of 2,685 SF facing West Avenue | DRB25-1159 staff report (May 14, 2026) |
| Architect | O’Donnell Dannwolf and Partners Architects | DRB25-1159 staff report (May 14, 2026) |
| Existing building | 15 stories, 238 units, built 1964; full demolition proposed | DRB25-1159 staff report (May 14, 2026) |
| Neighbors | Monad Terrace to the north, Bayview Terrace to the south | DRB25-1159 staff report (May 14, 2026) |
The developer’s Oct. 8, 2026 announcement adds a spa, a padel court and two penthouses at the top of the building, each with a private rooftop pool (developer announcement, Oct. 8, 2026). Prices, floor plans and a delivery date have not been published as of Oct. 23, 2026.
Rentals: a six-month minimum is built into the approvals
The rental rule is the detail most likely to shape who buys here. The site sits in the Alton Beach Bayfront Overlay, which the City Commission created on June 27, 2025 (Ordinance 2025-4749). The overlay lets a project reach a 5.75 floor area ratio and 330 feet only if it limits density to 75 units per acre, records a covenant prohibiting short-term rentals and enters into a development agreement for public improvements (applicant’s letter of intent, March 8, 2026).
Per that letter, the applicant will record a covenant, before a building permit is issued, that permanently prohibits leasing or renting any residence for less than six months and one day. Releasing or loosening the covenant would take an affirmative vote of six-sevenths of the full City Commission. At 106 residences on 1.91 acres, the project’s density is 55.17 units per acre.
For a buyer, this is a full-time or long-stay residence, not a building for nightly or monthly rentals. Our South Florida condo rental rules guide explains how covenants, declarations and city rules interact.
The public-benefit package
The extra floor area is tied to a development agreement between the applicant and the city, authorized by Resolution 2025-33803 on June 27, 2025, and recorded at Official Records Book 34884, Page 3768, of the Miami-Dade County public records (staff report, May 14, 2026; letter of intent, March 8, 2026). Per the letter of intent, the commitments, each a condition of the building permit, are:
- A future public park. The applicant acquired 1247 and 1255 West Ave. and 1234 13th St., formerly the Bikini Hostel, and will convey them to the city for use as a public park or another use the city selects.
- Baywalk segments. The applicant is to build a Baywalk along the site’s western edge on Biscayne Bay and design, permit and build segments at 800 West Ave., 1228 West Ave. and 1450 Lincoln Road, or pay a contribution in lieu.
The staff report noted that the proposed over-water Baywalk on the site differed from the approved development agreement and would need a City Commission amendment (May 14, 2026). Our Mid-Beach living guide covers how the city’s waterfront paths connect farther north.
What the loan means for a buyer
- No sales yet. Sales are expected to launch in 2027, per the developer. Until then, there are no published prices, floor plans or deposit schedules to compare.
- Construction financing ahead of sales. The loan was closed before presales. It does not set a completion date; ask for the completion date and extension terms stated in the purchase contract once sales open. Our delivery-risk guide explains how we read construction status.
- Deposits. When the developer publishes a deposit schedule, get it and the escrow terms in writing; see our guide to Florida pre-construction deposits.
- Permits to watch. Demolition of the 1964 building and a Miami Beach building permit are the next public milestones. The rental covenant and the development-agreement items are due before that permit issues.
- Specific residences. Any unit’s price and availability are to confirm with the sales gallery once sales launch.
More on South Beach and the condo-redevelopment cycle
1250 West Avenue is one of a number of South Florida projects replacing an older condominium; our condo buyout and redevelopment explainer covers how those deals work. For the developer, see our Terra profile and its Edgewater tower, Villa Miami. Our South Beach page and Miami Beach hub cover the neighborhood, and the new-developments board lists the rest of the pipeline.
Sources: City of Miami Beach Planning Department, DRB25-1159 staff report and draft order (May 14, 2026), and applicant’s letter of intent (March 8, 2026), from the May 14, 2026 Design Review Board meeting file (accessed Oct. 23, 2026); Northwind Group release via PR Newswire (Sept. 4, 2025); Haute Residence /new-developments/ board (checked Oct. 23, 2026); Florida YIMBY, “Terra And Partners Secure $507 Million Construction Loan For 28-Story Condominium At 1250 West Avenue In Miami Beach” (Oct. 21, 2026), the page’s single outlet source. Prices, availability and delivery dates are subject to change.
FAQ: 1250 West Avenue, Miami Beach
What is 1250 West Avenue?
A planned 28-story condominium with 106 residences on Biscayne Bay in South Beach, Miami Beach, per the city’s DRB25-1159 staff report (May 14, 2026). It will replace a 15-story, 238-unit building from 1964.
Who is developing 1250 West Avenue?
Terra, in partnership with RG Development Group, GV Development and LORE Development, per the developer’s Oct. 8, 2026 announcement.
How big is the construction loan?
$507 million, from TYKO Capital, per the developer’s Oct. 8, 2026 announcement. The rate and term were not disclosed.
When do sales start at 1250 West Avenue?
Sales are expected to launch in 2027, per the developer’s Oct. 8, 2026 announcement. No prices have been released as of Oct. 23, 2026.
How large are the residences?
The city staff report lists a minimum of 1,767 SF and an average of 3,479 SF, with four residences per floor on levels 2 through 27 and two on level 28 (May 14, 2026).
Can owners rent out residences short term?
No. Per the applicant’s March 8, 2026 letter of intent, a recorded covenant will prohibit rentals of less than six months and one day, and changing it would take a six-sevenths City Commission vote.
Has 1250 West Avenue been approved by the city?
The Design Review Board heard file DRB25-1159 on May 14, 2026, with a staff recommendation of approval with conditions. The board’s final order was not in the public meeting file as of Oct. 23, 2026.
When will 1250 West Avenue be completed?
No completion date is published as of Oct. 23, 2026. Demolition of the existing building and a building permit come first; ask for the contract completion date once sales open.