The Well Bay Harbor Islands

What Terra Actually Delivered at The Well

Terra broke ground on The Well Bay Harbor Islands on 21 October 2023, developing it in partnership with wellness brand THE WELL — a mixed-use project combining condominium residences with dedicated office space, built around a 360-degree wellness concept (Florida YIMBY, 21 Oct 2023). CoStar reported on 3 April 2026 that Terra had received a temporary certificate of occupancy and that the building had opened, describing it as the wellness company’s first branded condominiums in the Miami area. At that point residential sales were reported at 90 percent and office leasing at 90 percent. This building is complete. It is not pre-construction, and it does not have “prices coming soon” — both statements this page previously made are wrong.

The architecture is by Arquitectonica, with interiors by Meyer Davis Studios and design direction credited to Anda Andrei Design on Terra’s own project page. The amenity program is built around wellness: a wellness center reported at more than 22,000 square feet with thermal treatments, saunas, steam rooms and therapy rooms, two rooftop pools (a lap pool and a heated circular pool), meditation and yoga space, and a reading room. CoStar’s April 2026 report adds a 16,000-square-foot members club reported as planned. Marketing was handled by Douglas Elliman Development Marketing for the residences and Blanca Commercial Real Estate for the office leasing (Florida YIMBY).

The Address on This Page Was Wrong

This page previously stated the address as 1160 Kane Concourse. That address does not match the project. Florida YIMBY’s own groundbreaking headline — “Terra Breaks Ground On THE WELL Bay Harbor Islands At 1177 Kane Councourse” — gives 1177, and so do CoStar, LoopNet’s listing record and Douglas Elliman’s own building page. Most tellingly, Terra’s own project page names the development entity itself “1177 Bay Harbor Islands, LLC.” An entity named for its own address is about as close to a primary source as an address gets.

The Miami-Dade Property Appraiser confirms these are two different parcels. Folio 13-2227-001-3660, at 1177 Kane Concourse, carries the county’s own classification of vacant land — commercial — a lagging tax-roll designation, not evidence the building isn’t finished — with a 2026 assessed value of $11,075,625, up from $10,068,750 in 2025 and $9,838,125 in 2024. It carries a recorded sale dated 16 June 2021 at $31,600,000, flagged by the county as a qualified multi-parcel transaction — consistent with a developer assembling this site three years before delivery. Folio 13-2227-001-3490, at 1160 Kane Concourse, is a smaller, separate, existing office building (20,880 square feet, classified “professional service building”), assessed at $4,397,500 for 2026, with no connection to The Well in any source used for this page. The address above has been corrected to 1177 Kane Concourse accordingly.

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

Commercial Observer’s reporting on the November 2025 refinancing gives the project’s financing history: Terra took out a $141 million construction loan from Mack Real Estate Credit Strategies in 2022, then refinanced with a $238 million loan from Eldridge Real Estate Credit — the real-estate investing arm of Eldridge Capital Management, the Todd Boehly-led firm — and Hudson Bay Capital Management, reported 5 November 2025 and brokered by a Walker & Dunlop team. At the time of that report, the condominium component’s temporary certificate of occupancy was expected by the end of 2025 and the office component’s by 2026; office leasing stood at 80 percent, with named tenants including Tom Brady’s family office, Dwight Capital, Legacy Wealth Advisors and NewCo Capital Group.

A refinancing of this size, closed while a building is substantially complete but before its temporary certificate of occupancy is issued, is an ordinary event on a project at this stage — the record here does not support and this page does not make any claim about the reason for it. By April 2026, CoStar reported occupancy underway and leasing up to 90 percent, with Tom Brady Enterprises named as a tenant.

Where the Building’s Own Sources Disagree

Two figures for this building do not agree across dated sources, and this page states both rather than picking one. Unit count: Florida YIMBY’s groundbreaking coverage reported 54 residences; Terra’s own project page and later coverage (Commercial Observer, November 2025; CoStar, April 2026) both describe a 66-unit condominium. Storey count: Florida YIMBY and Commercial Observer both describe an 8-storey residential building; Terra’s own project page states 9 floors. Neither discrepancy was resolved in this research — a buyer should confirm the current unit count and floor plan directly with Douglas Elliman Development Marketing or Terra before relying on any published figure, including this one.

Buying Here Now

With a temporary certificate of occupancy reported granted and the building reported 90 percent sold as of April 2026, a purchase here now is functionally a resale transaction against very limited remaining developer inventory — not a deposit against a rendering. The $1.2 million figure reported for initial pricing at launch is a starting point, not a current price; ask the sales team for what is actually left and at what price. Given the unresolved unit-count and floor discrepancy above, a buyer should also confirm the specific residence’s floor and building total directly rather than relying on marketing material that may still carry the earlier 54-unit, 8-storey figures. This suits a buyer drawn to a delivered, wellness-branded boutique building with an occupied office component and named institutional tenants next door — a very different proposition from buying into a building that is still under construction.

Interested in buying at The Well Bay Harbor Islands?

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