The Well Bay Harbor Islands

What Terra Delivered at The Well

Terra and the wellness brand THE WELL began building The Well Bay Harbor Islands in October 2023: Terra’s release of 17 October 2023 puts the groundbreaking event on 9 October 2023, and Florida YIMBY reported it on 21 October 2023. It is a mixed-use project of condominium residences and a separate office building, built around a 360-degree wellness concept. At groundbreaking the residences were reported 50 percent sold and completion was estimated for the second quarter of 2025 (Terra release, 17 October 2023). Terra’s November 2025 release expected the residential temporary certificate of occupancy before the end of 2025, with the club and offices to follow in early 2026. CoStar reported on 3 April 2026 that Terra had received a temporary certificate of occupancy and that the development, described as the wellness company’s first branded residential development, had opened. I have not found the certificate itself or a town record of it.

The picture is not uniform across the project. The Real Deal (18 May 2026) described The Well as “nearing completion”. CoStar (3 April 2026) said the 16,000-square-foot residents’ and members club would open “later this summer” and a GoldenGood Market and Eatery next year (2027); THE WELL’s own Bay Harbor Islands club page (read 24 September 2026) reads “Coming Late October 2026” above the project address. I have not found a source that says the office building is complete.

The architecture is by Arquitectonica and the interiors by Meyer Davis; Terra’s project page credits design direction to Anda Andrei Design. Terra describes more than 22,000 square feet of amenities including a fitness and wellness center. Its November 2025 release lists what it calls Miami’s first caldarium, a saunarium and a halotherapy steam room, and its project page describes two rooftop pools (a lap pool and a heated circular pool), a reading room and a fully equipped outdoor kitchen. Florida YIMBY (21 October 2023) lists thermal treatments, saunas, steam rooms and therapy rooms, and dedicated spaces for pilates, meditation and yoga. Douglas Elliman Development Marketing handled sales and Blanca Commercial Real Estate office leasing as of that October 2023 release; The Real Deal (18 May 2026) confirms Blanca as the office leasing firm.

The Address: 1177 Kane Concourse

The site address on the Miami-Dade County Property Appraiser record is 1177 Kane Concourse (with a second site address, 1176 97 Street), on folio 13-2227-001-3660, retrieved 24 September 2026. That folio is one of six the county lists under the owner name 1177 Bay Harbor Islands, LLC — the name Terra’s project page gives as the developer. The six folios (13-2227-001-3640, -3650, -3660, -3670, -3680 and -3690) total 79,500 square feet, about 1.83 acres; Commercial Observer reported a 1.8-acre parcel bought for $31.6 million in 2021. The project’s own website gives 1177 Kane Concourse as its address, and so do Florida YIMBY (21 October 2023 and 22 February 2024), CoStar (3 April 2026) and The Real Deal (18 May 2026).

Two other street numbers appear in dated sources. Terra’s release of 17 October 2023, as published by PR Newswire and PROFILEmiami, gave 1100 Kane Concourse, and Commercial Observer (5 November 2025) gave 1160 Kane Concourse. I have not found a source that explains either number. The county lists 1160 Kane Concourse as folio 13-2227-001-3490, a separate office building (built 1967, 20,880 square feet, three floors, assessed at $4,397,500 for 2026) on a different block, under a different owner name; I have not found a record tying it to The Well.

The county’s land record does not show a building. On 24 September 2026 all six Well folios are still classified “vacant land — commercial” with no building area recorded. Their 2026 assessed values add up to $22,137,600, of which folio 13-2227-001-3660 is $11,075,625 (2025: $10,068,750; 2024: $9,838,125). The county records a sale on that folio dated 16 June 2021 at $31,600,000, flagged “Qual on DOS, multi-parcel sale”. I have not found a source that says why the roll still shows vacant land.

From a $141 Million Construction Loan to a $238 Million Refinancing

Commercial Observer reported on 5 November 2025 that Mack Real Estate Credit Strategies had provided a $141 million construction loan in 2022, and that Terra had secured $238 million to refinance the project, from Eldridge Capital Management and Hudson Bay. Terra’s own November 2025 release (republished by Resident on 6 November 2025) names the lenders as Eldridge Real Estate Credit and Hudson Bay, and both credit a Walker & Dunlop team with arranging the loan. Commercial Observer described the project as still under construction at that date, expected the condominium’s temporary certificate of occupancy by the end of 2025 and the office component’s in 2026, and reported the offices 80 percent pre-leased. By 3 April 2026 CoStar reported the offices 90 percent leased.

I have not found a source that says why the loan was refinanced when it was, and this page does not offer a reason.

Where the Sources Disagree

These figures differ across dated sources. Each is stated with its source, and none is resolved here.

• Residences: 54 (Terra release, 17 October 2023; Florida YIMBY, 21 October 2023); 66 (Florida YIMBY, 22 February 2024; Terra’s project page; Terra’s November 2025 release; Commercial Observer, 5 November 2025; CoStar, 3 April 2026; The Real Deal, 18 May 2026; THE WELL’s own club page, read 24 September 2026); 65 (the project’s own website, undated, read 24 September 2026).
• Stories: eight for the residential building (Terra’s releases, Florida YIMBY, Commercial Observer, The Real Deal), but Terra’s project page reads “66 across 9 floors”. The office building has four floors in Terra’s releases, Commercial Observer and the project’s website; The Real Deal (18 May 2026) says five.
• Office area: 102,000 sq ft (Terra release, 17 October 2023; Florida YIMBY; Commercial Observer; CoStar); 113,000 sq ft (The Real Deal, 18 May 2026); 98,420 sq ft of office, lobby and rooftop (Terra’s project page); 95,819 sq ft rentable (the project’s offices page); 93,716 sq ft of office and lobby (the project’s home page); “over 95,000” sq ft (THE WELL’s page).
• Launch price: from $1.2 million (CoStar, 3 April 2026; PROFILEmiami, 18 October 2023) or from $2.3 million (the PR Newswire copy of the same October 2023 release).
• Timing: the project’s offices page still reads “Under Construction — Delivering this Year | 2025” and Terra’s project page reads “Expected Completion 2026”; both are undated and older than CoStar’s April 2026 report.

Whichever figure you rely on, confirm the unit count and the floor of a specific residence in the offering documents you are given.

Buying at The Well

As of CoStar’s 3 April 2026 report the residences were about 90 percent sold, so roughly one in ten was unsold at that date. I have not found a source that says how many remain today or at what price. The $1.2 million figure is the price at which sales launched, not a current price. Ask the sales team for the residences that are actually left, in writing, with the floor, the size and the price. This suits a buyer drawn to a wellness-branded building, reported to have received a temporary certificate of occupancy, next to an office building that was 90 percent leased in April 2026 — with the caveat that THE WELL’s own club page reads “Coming Late October 2026”.

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