MIAMI HERALD — NOVEMBER 4, 2019 — BY REBECCA SAN JUAN The developer behind a proposed hotel on Miracle Mile took another stride forward with its plans.
The City of Coral Gables commission approved the Transfer of Development Rights (TDRs) in early October, which allows the real estate developer and commercial property team Terranova to apply its floor area ration (FAR) of 7,509 square feet at 348 Miracle Mile to the proposed hotel at 220 Miracle Mile. FAR is the ratio of a building’s total gross area to the size of the piece of land on which it was built.
Mayor Raúl Valdés-Fauli, commissioners Michael Mena and Patricia Keon approved the TDR. But Vice Mayor Vince Lago and commissioner Jorge Fors voted against it.