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What’s in store for Miracle Mile? Development firm buys buildings for $8M

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MIAMI HERALD – OCTOBER 25, 2021 BY REBECCA SAN JUAN
More Miracle Mile real estate lands in the care of a development firm keen on bringing change to the historic retail strip in Coral Gables.

The Miami Beach-based development and investment firm Terranova acquired the retail buildings 232 Coral Way and 330 Miracle Mile, a two-minute walk from each other, according to its founder and chairman Stephen Bittel. The firm acquired the buildings from Will of Mildred W Brown, LLC for a combined $7.8 million. The Real Deal first reported the transactions.

The Mediterranean restaurant Kaia will soon open in the 1,861-square-foot 232 Coral Way space, Bittel said. Gabriella Arango Couture and two vacant spaces comprise the 9,099-square-foot 330 Miracle Mile.

Terranova is bullish on Miracle Mile because “the city’s real estate market is strong and positioned for continued growth,” Bittel said.

Terranova plans to acquire more buildings along Miracle Mile, he told the Miami Herald.

“We hope that by having more stores we can drive the future by selecting the right tenants to be there,” Bittel said.

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Terranova Snaps Up Two Buildings on Coral Gables’ Historic Miracle Mile

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CRE-SOURCES – OCTOBER 24, 2021 Terranova Corporation Chairman Stephen Bittel announced the company’s acquisition of two Miracle Mile buildings at 232 Coral Way, which totals 1,861 square feet, and 330 Miracle Mile , which totals 9,099 square feet.

Managing Director Ari Bittel led the acquisition which closed last week, bringing to 14 the number of Terranova-owned buildings on Miracle Mile. The seller was Mildred W Brown, LLC.

The buildings, purchased for a combined $7.8 million, will be marketed for lease to select new restaurant/retail tenants to further round out the growing roster of dynamic establishments at Terranova-owned buildings, including Cortadito, Sushi Sake, and John Martin’s, as well as others along Miracle Mile including Gramercy, Luca Osteria, Zitz Sum, Forte, and Dickey’s BBQ Pit.

The single-tenant 232 Coral Way building is currently leased to Kaia, a Greek and Mediterranean restaurant coming soon, and the three-tenant property at 330 Miracle Mile is currently occupied by Gabriella Arango Couture, with two spaces available for immediate occupancy.

“We are pleased to continue to acquire buildings on Miracle Mile as part of Terranova’s long-standing commitment to elevate the city of Coral Gables with dynamic restaurant and retail tenants who bring significant value to the city, its residents and tourists,” Bittel said. “The city’s real estate market is strong and positioned for continued growth, and we will continue to execute on our strategy to acquire assets while we support meaningful community programs that advance a greater good.”

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Miracle Mile double play: Terranova pays $8M for two Coral Gables retail sites

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THE REAL DEAL – OCTOBER 21, 2021 BY FRANCISCO ALVARADO
Stephen Bittel’s commercial real estate firm made a double play in Coral Gables, acquiring two Miracle Mile storefronts for $7.8 million.

An entity tied to Miami Beach-based Terranova Corporation bought the retail sites at 232 Coral Way and 330 Miracle Mile, records show. The seller is Will of Mildred W Brown, LLC.

In a statement, Bittel said the firm now owns 14 buildings on Miracle Mile, which was the focus of a $21 million streetscape makeover by the city of Coral Gables. Bittel is Terranova’s CEO.

The 1,861-square-foot single-tenant space at 232 Coral Way was built in 1942, and the 9,099-square-foot store at 330 Coral Way was completed in 1946, according to records. The Terranova affiliate paid roughly $711 a square foot.

The smaller building is leased to Kaia, a Greek and Mediterranean restaurant that is opening soon, Bittel said. The larger building is currently leasing one space to Gabriella Arango Couture and has two more spaces available for rent to restaurant or retail tenants, he added.

Terranova is bullish on Miracle Mile because “the city’s real estate market is strong and positioned for continued growth,” Bittel said.

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