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

Lincoln Road’s $67M makeover takes big steps with new accord between owners and city

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MIAMI HERALD — JULY 31,  2019 — BY JOEY FLECHAS Lincoln Road property owners have agreed to tax themselves at a higher rate to pay for part of an ambitious plan to revamp the look and feel of South Beach’s outdoor mall, part of a deal with the city that aims to jump-start the first large-scale makeover of the walkway in more than 20 years.

After many months of discussion between owners and Miami Beach administrators over how to divvy up the costs of the improvements, commissioners heard the details of the compromise Wednesday. The city, which has already funded pre-construction design costs out of an estimated $67 million total, would foot the whole construction bill while the property owners in the Lincoln Road business improvement district would tax themselves an additional 25 percent to pay for promoting activities on the road.

In short, the city would deliver a shiny new Lincoln Road, and the property owners would pay to put people and cultural activities on it.

Commissioners unanimously voted to solicit bids for the construction project, which will allow the city to put together a guaranteed maximum price. Dollars for the construction will come from a combination of city and county taxes, bond money and other funds earmarked for infrastructure. The final price will require another commission approval. The bidding will take a few months.

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Coral Gables Bittel hotel

Stephen Bittel’s Terranova wants in on the hotel game on Miracle Mile

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THE REAL DEAL — JULY 25,  2019 — BY KATHERINE KALLERGIS Terranova Corp. is planning to build a mixed-use hotel on the newly ramped Miracle Mile in Coral Gables.

Gables Miracle Mile LLC, an affiliate of Stephen Bittel’s Miami Beach firm, submitted a proposal for the Mile Hotel and Shops, a 120-key development at 220 Miracle Mile.

The Arquitectonica-designed property would be seven stories and 70 feet, with more than 28,000 square feet of retail and food and beverage space. Nearly 15,000 square feet of that retail space would be set aside for the ground floor, according to plans.

The project will have two towers, a base and center court, with a rooftop pool deck and enclosed 3,915-square-foot restaurant and bar. The hotel rooms would be on floors three to six, with meeting space on the second floor.

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Coral Gables Bittel hotel

Hotel proposed on popular Coral Gables street

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SOUTH FLORIDA BUSINESS JOURNAL — JULY 24,  2019 — BY BRIAN BANDELL Terranova Corp. wants to redevelop a retail buildling on Miracle Mile in Coral Gables into a hotel with ground-floor retail and restaurants.

The heart of the city’s downtown and entertainment district, Miracle Mile recently received a streetscape enhancement.

On July 26, the city’s Development Review Committee will consider plans for a six-story building at 200 Miracle Mile. The 23,940-square-foot site is owned by Gables Miracle Mile, LLC, an affiliate of Miami Beach-based Terranova. It currently has a two-story, 46,646-square-foot retail building constructed in 1950.

The project, the Mile Hotel and Shops, would total 102,061 square feet. It would have 120 hotel rooms in 65,283 square feet and 36,778 square feet of retail and restaurants. The developer would purchase transfer of development rights from nearby properties to boost the density.

Arquitectonica designed the project, which would cost about $20 million, according to the application.

“There hasn’t been a new hotel built in Coral Gables in a long time,” said Stephen Bittel, chairman of Terranova. “As the business community has grown all around it, it would be the best use to continue the resurgence of Miracle Mile.”

Bittel said Terranova would hire a hospitality partner to operate the hotel. It would carry a national brand for the reservation system, but carry a local boutique name, he added.

Most of the retail and restaurant space would be on the first two floors, including outdoor dining terraces on the second floor. There would also be a restaurant and bar on the rooftop, along with a pool, a fitness center, and an outdoor deck.

“It is important when people look down on it from taller building they see something active and attractive,” Bittel said.

There would be a pedestrian paseo on the ground floor.

Terranova also requested a waiver to provide no on-site parking for the project. Bittel said the hotel will sign an agreement with the owners of nearby parking garages so the hotel staff can use them for valet parking. There will be an off-street vehicle drop-off area at the hotel.

Bittel said most visitors to urban hotels take ride-sharing companies or taxis. Demand for hotel parking is generally higher at night, when office parking garages are mostly empty, he added.

As for the current tenants in the retail building, including Relax the Back, Conde Contemporary, Copper Bar, and Le Macaroon, Bittel said he would do his best to accommodate them. Terranova has 10 properties on Miracle Mile.

The Mile Hotel and Shops would ultimately need City Council approval.

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