Photomixers at THz frequencies offer an attractive solution to fill the THz gap; however, conventional photomixer designs result in low output powers, on the order of microwatts, before thermal failure. We propose an alternative photomixer design capable of orders of magnitude enhancement of continuous-wave THz generation using a metamaterial approach. By forming a metal-semiconductor-metal (MSM) cavity through layering an ultrafast semiconductor material between subwavelength metal-dielectric gratings, tailored resonance can achieve ultrathin absorbing regions and efficient heat sinking. When mounted to a tunable E-patch antenna, gratings also act as vertically biased electrodes, further enhancing photoconductive gain by reducing the carrier path length to nanoscales. Thus, through these multiplicative enhancements, the metamaterial-enhanced photomixer is projected to generate THz powers in the milliwatt range and exceed the Manley-Rowe limit for frequencies less than 2 THz.