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

Lincoln Road pop-up

Pre-holiday pop-up shops bring new life to Lincoln Road – and fill empty spaces

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MIAMI HERALD — SEPTEMBER 28, 2020 — BY REBECCA SAN JUAN Lincoln Road is getting a trio of new pop-up shops.

To help small businesses and fill a growing number of retail vacancies, the Lincoln Road Business Improvement District has launched a pre-holiday pop-up program. So far, three small business owners have signed leases.

The Lincoln Road BID approved the program in early September. Retailers submit an application for a 90-day lease, said Tim Schmand, BID executive director. Schmand reviews applications and connects applicants with landlords. Lease rates are often less than the going price for annual contracts.

The BID is aiming to fill vacant storefronts before the holiday season. Although Lincoln Road signed several new retailers last year, occupancy rates have dropped by 8% since December 2019, from 82% to 74%, Schmand said. Of its total 250 storefronts, about 60 spaces are empty.

“The goal of the program is to get interesting, cutting-edge retailers onto Lincoln Road. If we get four interesting retailers on Lincoln Road, then that’s a home run,” Schmand said.

Some landlords are charging less for pop-ups than the current average asking rates. Stephen Bittel, chairman and founder of Terranova and owner of several commercial spaces on Lincoln Road, is asking for about $80 per square foot for short-term leases versus $250 per square foot for annual contracts.

“It pays for the operation costs but we make no profit,” Bittel said. “[But] if the tenant wanted to enter in a long-term lease, we could extend the pop-up for the next 90 days. Our goal is to keep the street as occupied as possible.”

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To fill vacant stores, Lincoln Road seeks pop-up businesses

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MIAMI TODAY — SEPTEMBER 2, 2020 — BY KYLEA HENSELER
Cultural institutions and new retail shops may find temporary homes on Lincoln Road this winter, as the Lincoln Road Business Improvement District is hoping to bring in a series of pop-ups to boost business and fill vacancies. 

The improvement district’s executive committee has unanimously voted to support and promote pop-ups during the upcoming season.

“We’re looking to work with local cultural organizations that may want a space on Lincoln Road during the holidays,” Timothy Schmand, the committee’s executive director, told Miami Today last week. Additionally, he said, the committee would like to work with retailers, including clicks-to-bricks stores that operate primarily online and want to try out a physical space.

According to Mr. Schmand, site occupancy on Lincoln Road is currently around 74%.

“We have empty storefronts,” improvement district Vice President Lyle Stern told the committee Aug. 20, “(and) I think we have to use the opportunity right now to fill every single vacancy we can on Lincoln Road this year.”

“We as a group,” he continued, “should encourage all of our owners to make (vacancies) available for appropriate – and we’ll have to define appropriate – vendors to come to Lincoln Road and occupy this space subject to some conditions.”

The committee would have to discuss these conditions, Mr. Stern said, which could include requiring a security deposit or insurance policy.

“I think it’s a great idea,” said Mindy McIlroy, committee treasurer and president of real estate firm Terranova. “Terranova has done a lot of work on this already – we have been actively soliciting for fashion boutiques for our vacancies to fill our spaces from October through January. Just to your point, we want to have a very active holiday shopping season.”

Retailers in the fashion industry, she added, may have a lot of inventory as few people shopped for spring and summer styles this year. 

Indeed, Terranova’s founder and Chairman Stephen Bittel told Miami Today that the corporation plans to target local and regional retailers and is already communicating with two possible short-term tenants: a plant store and a vintage boutique.

To boost business and bring people back to the street, he continued, Terranova is willing to be “uniquely flexible” when it comes to rent. At the height of business, Mr. Bittel said, rental rates were in the $300s per square foot per month. Now, he said, these rents are in the $200s, and for short-term rentals his company is talking to some tenants about making rent “the cost of occupancy plus a percentage of sales.”

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Stephen-Bittel-Potential

Terranova Corp.’s Stephen Bittel Reflects on the Importance of Recognizing Potential

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COMPANY LEADERS — AUGUST 24, 2020 Founded in 1980, multifaceted real estate development and management firm Terranova Corporation has enjoyed steady growth in Florida’s commercial real estate sector. From its inception, the company focused on growing an impressive portfolio, providing unparalleled customer service for managed assets, and maximizing the growth potential for businesses. As the company prepares to celebrate its 40th birthday, Founder Stephen Bittel reflects on Terranova’s growth and his commitment to evolving the commercial real estate sector. Throughout this successful venture, Bittel has guided his team forward by recognizing the potential of various types of assets, listening to consumer demand, and watching trends emerge. Now, Bittel looks to the current national climate to determine Terranova’s next steps and commercial real estate’s future.

As a leader, Stephen Bittel has been committed to taking chances, and recognizing the potential in building strong long-term relationships with tenants. Under his leadership, the potential of these relationships has been recognized via multi-unit deals, impressive long-term professional endeavors, and a loyal following from some of the biggest names in retail and commerce. Bittel has personally overseen all facets of operations since the inception of Terranova, using his expertly honed eye for potential to leverage continued growth, development, and success. Growing his team to nurture the talent and potential of co-workers, Bittel has worked to inspire, mentor, and grow his team from the ground up. Now, he looks to the future of Terranova, and his ongoing quest for recognizing the potential in human talent, commitment to excellence, and the forging of long-term relationships.

Terranova’s Beginning

During his second year at the University Of Miami Law School, Stephen Bittel entered the realm of commercial real estate management. Asked to operate a commercial space for a local partnership, Bittel swiftly recognized that he could maximize revenue, streamline operations, and effectively manage the property. He founded Terranova Corporation and set forth to invest in a commercial property of his own. In 1980, Florida’s commercial real estate sector was heavily monopolized by unanchored strip malls. 

He initially invested in two commercial shopping centers on Sunset Drive and garnered three more properties in collaboration with other investors. In charge of operations, management, and growth of these commercial properties, Bittel grew his reputation quickly. He was committed to exceeding expectations, enhancing management-tenant relationships, and securing additional tenant relationships through multi-unit deals. By exceeding tenant expectations from the beginning, Bittel recognized the potential prospects of future business ventures.

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