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Miracle Mile tower project to be developed in Florida

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CONSTRUCTION REVIEW ONLINE – September 19, 2022

A 4-story Miracle Mile mixed-use tower has been planned for a 0.2-acre site located in Coral Gables, Florida. Last December, the Miami Beach-based developer, Terranova Corporation, purchased the property for $6.8 million. The site is currently occupied by a former 9,000-square-foot Pharmacy building, which Terranova plans to redevelop into a retail-and-office building.

However, the  Miracle Mile tower development still requires certain city approvals and permits to move forward. If all goes as planned, the developers expected the construction to be completed within a year. The building’s proposed 4-story height was intentionally selected to match the Miracle Mile Overlay zone code. The Coral Gables City Commission put this measure in place last year to encourage commercial development, while also limiting overdevelopment.  

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93MiracleMile

Terranova Reveals Arquitectonica-Designed Carbon-Neutral Mixed-Use Building On Miracle Mile In Coral Gables

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PROFILE MIAMI – September 14, 2022

Terranova Corporation, led by Stephen Bittel, has revealed plans for 93 Miracle Mile, the first carbon-neutral building in Florida on Miracle Mile in Coral Gables. The Arquitectonica-designed mixed-use commercial building will use electricity-generating photovoltaic glass and will be the first built under the new Miracle Mile Overlay zoning code. Plans were recently submitted to the City of Coral Gables for approval. 93 Miracle Mile will rise four-stories and will feature 6,700 SF of ground floor restaurant space, 9,700 SF of retail space on the 2nd and 3rd floors, and 7,300 SF of office space on the 4th floor. The building will also feature a rooftop terrace.

Terranova is the largest property owner on Miracle Mile with a portfolio spanning 15 properties and 120,000 SF. They acquired the .2-acre site with a vacant 9,000 SF retail building which was previously Navarro Discount Pharmacy for $6.8 million in December 2021.

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93MiracleMile

Carbon-neutral office/retail building could rise on Miracle Mile

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SOUTH FLORIDA BUSINESS JOURNAL – September 9, 2022 BY BRIAN BANDELL

Terranova Corp. plans to build what could be South Florida’s first carbon-neutral mixed-use building along the popular Miracle Mile strip of Coral Gables.

The Miami Beach-based developer said the office/retail building would produce all the energy needed to operate it on site. This would be accomplished with photovoltaic glass to collect solar energy and battery systems to store it, as well as energy-efficient systems for AC and elevators.

The 4-story building would total 36,482 square feet at 93 Miracle Mile. It would have 26,167 square feet of retail and restaurant space, with the rest of the space for office. There would also be a rooftop terrace.

“93 Miracle Mile will be a revolutionary project, not only as a platform to champion Coral Gable’s dignitaries as forward-thinking leaders in sustainable development but also a blueprint for other developers and city planners as we face a climate crisis around the world,” Terranova Chairman Stephen Bittel stated. “The modern proposed structure respects the scale of Miracle Mile, and uses traditional stone materials on the exterior, while also incorporating the best environmental options for the future.”

The developer, through affiliate purchased the 10,164-square-foot site for $6.8 million in 2021. It currently has a 9,097-square-foot retail building, which would be demolished.

Miami-based Arqutiectonica designed the project, which is pending city approval. Spain-based Onyx Solar was tapped to provide the photovoltaic glass.

“The design uses a traditional material, stone in an abstract composition of solid and glass,” said Bernardo Fort-Brescia, principal of Arquitectonica. “The high-performance glass is not only insulating but also a solar energy generator. The roof top is an extension of the facades, creating a trellis to support a suspended orchid garden.”

More companies are pursuing carbon-neutral projects to save on energy costs and negate their impact on global warming. A commercial building with these environmentally friendly features could appeal to like-minded tenants.

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