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

Cult Movie Director’s New Studio Is Latest Signal Of Miami Beach’s Pivot Away From Partying

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BISNOW, by Matthew Wasielewski – September 10th, 2024

WHILE TERRANOVA IS THE LANDLORD OF SOME OF MIAMI BEACH’S SWANKIEST RESTAURANTS, BITTEL SAID THOSE CULINARY DESTINATIONS ARE NOT THE ESTABLISHMENTS LOCAL RESIDENTS MOST OFTEN MENTION TO HIM.




“I’m astonished how many thanks I get for bringing Cheesecake Factory to the beach,” Bittel said, adding that he most likely gets the accolades from friends with children who live near the beach.

“Cheesecake Factory is obviously a very popularly priced restaurant, doing close to $1M a month in sales with no grand opening and no marketing,” he said. “And their core base is our local residents.”

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Macy’s Downsizing Reflects Larger Retail Trends

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GLOBEST.COM,  – February 28th, 2024  

Macy’s is closing 150 stores. What dose that say about retail?


Stephen Bittel, Founder and Chairman of Terranova Corporation, tells GlobeSt.com that during the past decade, traditional department stores have struggled to stay relevant as shoppers increasingly opt for luxury or deep discount alternatives.
 
 
“Compounding the issue is their reliance on primary locations as rent-free anchors in regional malls, most of which are experiencing declining foot traffic,” Bittel said.
 
 
“If department stores had to pay market rent on most locations, they might have folded by now. The most valuable asset they hold is real estate in major urban markets, ripe for redevelopment. However, tight capital markets hinder this transformation, leaving them with limited time to reinvent themselves.”.
 
 

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The State of Real Estate in Coral Gables: Finding Balance in the New Boom

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Coral Gables Magazine, by Kylie Wang – March 2024


RETAIL RISES –”LINCOLN ROAD TAUGHT US THE POWER OF PEOPLE SITTING IN CAFES ON THE STREET AND HOW THAT COULD BE THE ENGINE TO TRANSFORM THE STREET … “



The other side of the commercial real estate coin is retail – and no one owns more retail space on Miracle Mile than Terranova Corporation. Founder and chairman Stephen Bittel started buying up property on the main street almost 20 years ago with a vision that “as more residences and more hotels and more offices were built in the area, traffic would grow.” He adds with a grin, “And, in fact, that’s happened.”
 

Today, Terranova owns 15 buildings on the Mile, including John Martin’s and Capital Burger, as well as an office building at 255 Alhambra. Bittel recently relocated the firm’s offices from Miami Beach, where he made a fortune buying early on Lincoln Road, to a temporary location on Miracle Mile.”

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