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

Florida’s Real Estate Investment Mogul Stephen Bittel is Committed to Boosting the Economy with Pop-ups and Temporary Occupancy

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REALESTATERAMA — OCTOBER 21, 2020 — Stephen Bittel’s dedication to improving his home city of Miami, Florida has never faltered, even in the face of a global pandemic. Having founded his company at the age of just 24, he chose the name Terranova because of its Latin translation, “new world.” COVID-19 has resulted in unprecedented change that has certainly left a new world in its place. Nevertheless, Stephen Bittel and his team at Terranova are finding new and exciting ways to propel Miami forward using the economic platform he knows best: commercial real estate. With the holidays fast approaching, Bittel saw one such opportunity in his properties on Lincoln Road.

The history between Bittel and Lincoln Road dates back to 2002, when he first started chasing deals on the street. He saw opportunity in the vibrant combination of local customers and tenants. It wasn’t until after the economic crisis in 2007 that Bittel and his team at Terranova Corp., along with an institutional partner, scored two of the best street corners on Lincoln in a $52 million deal in late 2010. Bittel had people from across the country telling him he was crazy for taking such a huge risk, but Bittel moved forward anyway with his plan to move the rent from $65 dollars per square foot to $130 and replace the Lincoln Lane building with a new three-story retail space. As a result of this purchase, he was able to take another risk by buying three more buildings for $139million. The two buys combine to almost thirty percent of the retail space on Lincoln Road.

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What Hedgehogs can Teach us about Human Connection and Combating Loneliness

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THRIVE GLOBAL — OCTOBER 19, 2020 — During a pandemic, it’s natural that a lot of us have felt lonely at some point. Whether that feeling is from living alone and suddenly having to work remotely, or spending 24/7 with your family instead of your like minded colleagues; it’s all rooted in a feeling of disconnection. In fact, the feeling of loneliness can exist regardless of the amount of social contact you engage in. What most of us don’t realize is that loneliness isn’t just unpleasant, it can also have serious health consequences. According to the CDC, loneliness significantly increases a person’s risk of premature death, is associated with about a 50% increased risk of dementia and a 29% increased risk of heart disease.

Although seemingly unrelated, hedgehogs actually serve as a metaphor for human relationships – a metaphor first articulated by philosopher Arthur Schopenhauer and later expanded into a psychological concept by Sigmund Freud called the hedgehog/porcupine dilemma. The parable by Schopenhauer serves as an incredible allegory for how humans navigate human connection through the back and forth pendulum swinging motion between guardedness and intimacy. In the parable, Schopenhauer describes the way hedgehogs huddle together for warmth on a cold day. As you can imagine, there is a real truth to the saying “too close for comfort” in this equation. Their quills begin to prick each other, so they disperse. Then they become cold again, and the cycle repeats. Finally, the porcupines discover that, by having a little distance between one another, they could find a balance – close enough to share in a collective warmth, but enough distance to protect from the pricks of proximity. 

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Terranova’s Stephen Bittel on Revitalizing Lincoln Road Shopping for a Pre-Holiday Boost

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PROGRAMMING INSIDER — OCTOBER 6, 2020 — Miami’s Lincoln Road has become a hotspot for world-class shopping, dining, and entertainment. Along the famed street, hundreds of desirable retailers, chef-centric restaurants, and conceptually-driven bars have seen countless tourists, locals, and adventurers alike. With continued development and improvement from commercial real estate companies like Terranova, this area became a mecca for day trips, shopping, dining, and celebrating. As the global spread of the COVID-19 pandemic has continued to affect the retail, hospitality, and travel industries, these once-booming businesses worked to stay afloat against constantly changing conditions. Stephen Bittel, Founder, and Chairman of Terranova touted that many businesses remained flexible during this time. Restaurants transitioned to take-out models, while retail stores welcomed “buy online, pick up in-store” models. Now, as conditions continue to evolve, businesses along Lincoln Road are working to revitalize the famed hotspot. In time for a pre-holiday boost, Lincoln Road is preparing for pop-up shops that will attract customers, and welcome back shoppers.

The Pre-Holiday Pop-Up Program

To help small businesses regain foot traffic and increased activity, and simultaneously fill vacancies created by long-term shutdowns, the Lincoln Road Business Improvement District has announced the launch of a new pre-holiday pop-up shop program. The program will rely on short-term leases, allowing seasonal small business owners the opportunity to occupy a premium space for a shorter amount of time. For fledgling business owners, and seasonal specialty owners, this opportunity allows small business owners to open up in a highly desirable shopping destination. According to Stephen Bittel, pop-up shops are a great way to bring in exciting new retailers that will drive activity, without the requirement of a long-term lease commitment. Bittel’s Terranova Corporation owns and manages several retail locations along Lincoln Road, and welcomes the pre-holiday pop-up program.

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