Current media coverage and upcoming developments hand-picked from the industry.

93MiracleMile

Carbon-neutral office/retail building could rise on Miracle Mile

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SOUTH FLORIDA BUSINESS JOURNAL – September 9, 2022 BY BRIAN BANDELL

Terranova Corp. plans to build what could be South Florida’s first carbon-neutral mixed-use building along the popular Miracle Mile strip of Coral Gables.

The Miami Beach-based developer said the office/retail building would produce all the energy needed to operate it on site. This would be accomplished with photovoltaic glass to collect solar energy and battery systems to store it, as well as energy-efficient systems for AC and elevators.

The 4-story building would total 36,482 square feet at 93 Miracle Mile. It would have 26,167 square feet of retail and restaurant space, with the rest of the space for office. There would also be a rooftop terrace.

“93 Miracle Mile will be a revolutionary project, not only as a platform to champion Coral Gable’s dignitaries as forward-thinking leaders in sustainable development but also a blueprint for other developers and city planners as we face a climate crisis around the world,” Terranova Chairman Stephen Bittel stated. “The modern proposed structure respects the scale of Miracle Mile, and uses traditional stone materials on the exterior, while also incorporating the best environmental options for the future.”

The developer, through affiliate purchased the 10,164-square-foot site for $6.8 million in 2021. It currently has a 9,097-square-foot retail building, which would be demolished.

Miami-based Arqutiectonica designed the project, which is pending city approval. Spain-based Onyx Solar was tapped to provide the photovoltaic glass.

“The design uses a traditional material, stone in an abstract composition of solid and glass,” said Bernardo Fort-Brescia, principal of Arquitectonica. “The high-performance glass is not only insulating but also a solar energy generator. The roof top is an extension of the facades, creating a trellis to support a suspended orchid garden.”

More companies are pursuing carbon-neutral projects to save on energy costs and negate their impact on global warming. A commercial building with these environmentally friendly features could appeal to like-minded tenants.

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93 Miracle Mile

Terranova plans retail-and-office project on Coral Gables’ Miracle Mile

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THE REAL DEAL – September 9, 2022 BY FRANCISCO ALVARADO

Stephen Bittel’s Terranova Corporation plans to redevelop a former pharmacy in downtown Coral Gables into a four-story retail-and-office building.

The Arquitectonica-designed project at 93 Miracle Mile will include a 6,700-square-foot restaurant on the ground floor, 9,700 square feet of retail on the second and third floors and 7,300 square feet of offices on the fourth floor, according to a press release. Terranova filed plans with the city on Friday.

An affiliate of Miami Beach-based Terranova paid $6.8 million for the 0.2-acre site in December, records show. The vacant, 9,000-square-foot building on the property, built in 1950, was previously occupied by local chain Navarro Discount Pharmacy. The pharmacy closed in 2014 after the chain was acquired by CVS.

Terranova is the largest landowner on Miracle Mile, a section of Coral Way stretching through the city’s central business district, where the developer owns 15 properties totaling about 120,000 square feet. Its holdings include a pair of storefronts at 232 Coral Way and 330 Miracle Mile that it purchased for $7.8 million last year, and a single-story building at 300 Miracle Mile it acquired last year for $6 million.

The 93 Miracle Mile project’s proposed height falls within the Miracle Mile Overlay zoning code, a measure approved by the Coral Gables City Commission last year to spur commercial development along the corridor but limit “over-building,” the release states. The overlay caps building heights at four stories and bans parking garages on Miracle Mile while allowing small-scale, mixed-use projects like the one Terranova is proposing.

The nearly 37,000-square-foot development will incorporate photovoltaic glass to harness solar energy, battery systems to collect and store energy and a high-efficiency air-conditioning system, the release states. The rooftop will be used as a terrace greenspace.

Upon obtaining city approvals and permits, the developer expects the project to take one year to complete.

Founded in 1980 by Bittel, Terranova and its partners have more than $5 billion worth of commercial projects, according to the firm. It had previously planned a two-tower, mixed-use project with a 120-key hotel at 220 Miracle Mile, but put that project on hold last year after refinancing its portfolio along the strip with a $55 million loan.

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Boca’s Shadowwood Square Builds Tenant Roster With Two New Leases

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COMMERCIAL OBSERVER – September 1, 2022 BY MARK HALLUM

Boca Raton’s Shadowwood Square has two new tenants taking a combined 7,142 square feet of space.

Kids clothing purveyor Carter’s Retail took 4,442 square feet at 9831 Glades Road while The Great Greek Mediterranean Grill will move in nearby, having signed a lease for 2,700 square feet at 9961-9963 Glades Road, according to the landlord broker Terranova Corporation.

The 220,426-square-foot West Boca shopping center is also leased to Bed, Bath & Beyond, Best Buy, Old Navy and Regal Cinema.

“With many businesses seeking to make their mark in the tri-county area, we are seeing an influx of family-focused businesses migrating to Boca Raton, a growing, family-oriented neighborhood,” Terranova President Mindy McIlroy said in a statement.

Brandon Nocella of Strategic Retail Advisors represented Carter’s Retail in the 10-year lease negotiations, and did not immediately respond to a request for comment. Harlan Ginn of United Franchise Group, who could not be reached for comment, represented The Great Greek Mediterranean Grill securing a five-year lease.

Terranova declined to provide asking rents.

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