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.”

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.

 

Terranova President Mindy McIlroy on pushing boundaries in the retail industry.

  As we continue to celebrate Women’s History Month, Commercial Property Executive is bringing out the story of another inspirational female leader in commercial real estate.

Mindy McIlroy is a visionary in the restaurant and retail sector, currently serving as the president of Terranova Corp. in South Florida. With her keen eye for spotting trends and a deep passion for creating unique experiences for customers, she has made a significant impact on Miami’s retail and dining scene. She is the mastermind behind the successful leasing of a variety of tenants on two of the metro’s most iconic roads, Lincoln Road in Miami Beach and Miracle Mile in Coral Gables.

McIlroy’s ability to visualize, research and develop innovative new concepts has set her apart as a true leader in the retail industry. One of her most notable achievements is The Lincoln Eatery, a unique food hall venue designed by global architecture firm Arquitectonica. The space exemplifies McIlroy’s ingenuity by bringing together a variety of fast-casual, artisan and grab-and-go concepts in a single location, catering to foodies, locals, travelers and anyone looking to have a good time in Miami Beach.

With her impressive track record and broad expertise, she continues to push the boundaries of retail and dining, positioning Terranova as a leading force in Miami’s bustling retail and restaurant markets. In the interview below, she reveals all about her journey so far.