New urbanism in kendall: Pedro Martin, Terra Adi and the metropolis - Developer Profile

South Florida CEO, Oct, 2002 by J.P. Faber

* Kendall is not exactly the Miami-Dade neighborhood that comes to mind when you think of the New Urbanism movement. That great swath of homes and malls, the county's biggest bedroom community (perhaps 400,000 strong, depending on boundaries) has long been held up as an example of urban sprawl. Basically, you need a car to get around. In the New Urbanism world, everything is within walking distance.

It is somewhat ironic, then, when you consider the Metropolis, a smart new condominium scheduled to rise 25 stories near the intersection of South Dixie Highway and North Kendall Drive. Not only does it look very New Yorkish -- think Rockefeller Center -- it is possibly the best-placed urban condominium in the county anywhere outside of South Beach.

"We all thought Kendall was a great idea," says Pedro Martin, CEO of Terra ADI. "But no one realized how much pent-up demand there was for condos in that area." Martin reports that 203 out of 207 of the building's less-expensive units sold out, pre-construction, within days of being put on the market. The remaining 20 penthouses and 54 lofts took slightly longer, but are also mostly taken.

The attraction, says Martin, is the urban nature of the project (as well as prices averaging $250 a square foot). It is across Kendall Drive from the Dadeland Mall, a brief walk from a Publix, and adjacent to a MetroRail station. "You can basically walk to everything you need," says Martin, "plus take the Metro." The upper floors provide a view of Biscayne Bay, and the deal to win Miami-Dade County zoning approval included building a large cobblestone plaza, complete with a grove of trees, adjacent to the high-rise.

The Metropolis is just the second project by Terra, which is also building the Nautica on Miami Beach. But Martin, the force behind Terra, has long been involved in the world of real estate, albeit by a circuitous route. Beginning his career as an aerospace engineer, Martin got an MBA at night, discovering a preference for business law courses. He followed that inclination to the University of Florida Law School, and upon graduation in 1978 came to Miami, where he joined law firm Greenberg Traurig, specializing in real estate. Martin became a partner in 1984.

Martin left the firm in 1987 to practice international law at Baker & McKenzie, then returned in 1994 to continue with real estate. Along the way he made a few investments himself, finally assembling a group of European and Latin American backers to develop his own projects -- while continuing at Greenberg.

"From my experience representing developers I have a good feel for trends," says Martin. "After a while you develop a sixth sense... but this area [Kendall] has been fantastic. We're getting spoiled because the sales have gone so quickly."

The next locale on the list for Terra is West Palm Beach, where a condo-hotel-spa project is in the pipeline. But nothing may match the instant hit of helping create a downtown Kendall. "We thought we'd find a strong demand, but what we found was an extremely high demand," says Martin. "People are looking to get away from the commute, and from here it's literally ten minutes, by MetroRail, to downtown [Miami]." Kendall without a car? Shocking.