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

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

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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Excess Supply Of Apartment Deliveries Now, But Possible Shortages By 2026

FORBES, by Brad Hunter – February 16th, 2024


There is a great deal of hand-wringing about the huge number of multifamily deliveries taking place nationwide…

(575,000 delivered in 2023, with 475,000 more coming this year, and back to a more normal 350,000 in 2025, according to CoStar). The rate of growth of rents has slowed dramatically, falling in many parts of the country. This supply will remain a headwind for rent increases for the next 12 to 24 months.
 

The story is similar in Miami, as all of southeast Florida is now part of what many are calling Wall Street South. Stephen Bittel, CEO of development company Terranova, put it this way in a recent phone conversation: “first, the bosses came in and bought in the $10 million range; the next wave bought in the $3 million to $5 million range, and now the workers are coming in and buying in the $400,000 to $600,000 range.” Of course even within a market, there are huge differences from submarket to submarket. In Miami, the downtown is facing a huge pipeline relative to the demand, but Hunter Housing Economics’ market studies show that the demand is expected to be high enough to absorb the supply over the next four years in other urban Miami submarkets such as Wynwood, Edgewater, and Miami Beach.
 
 

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Florida’s CRE biggest headwind is small banks’ tightness for new debt: Terranova’s Stephen Bittel

CNBC, THE EXCHANGE – December 28th, 2023

“We have never been more excited about our commercial real estate here (in Miami),” Stephen H. Bittel.


Stephen Bittel, Terranova founder, joins ‘The Exchange’ to discuss Florida’s commercial real estate outlook, where investors could find opportunities, and more.

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