A development team led by South Florida’s Terra acquired the majority of a 1960’s era condominium building at 1250 West Avenue on Biscayne Bay and plans to replace it with a luxury condominium tower.

The Manhattan-based private equity firm Northwind Group provided a $98 million first-mortgage loan to Terra and its partners, Terra and its partners, JDS Development Group, Rafi Gibly and Gianluca Vacchi.

The developers have acquired more than 95% of the 238 condominiums in the existing building, which allows them to dissolve the condominium association and proceed with demolition. The team has also secured construction permits for a 330-foot-tall building with an expected 100 residential units.

“Our team’s forward-looking vision for 1250 West Avenue will showcase the strengths of the neighborhood through the beauty of Biscayne Bay, investments in resiliency improvements, completion of the long awaited baywalk and enhanced public space that the surrounding neighborhood will enjoy,” said Terra CEO David Martin in a press release. “This project will be part of a transformation of an area in Miami Beach yearning for a resilient neighborhood grounded by its residents and upgrades in services, and our team will deliver with that exact approach.”