The latest of what’s going on from Terranova’s office to yours.

Investors Pay Over $50 Million for Coral Gables Office Building

South Florida Business Journal, by Brian Bandell – August 22nd, 2023


A parthership between Lndmrk Development, Terranova Corp. and Torose Equities acquired the 255 Alhambra office building.

A source close to the deal said the price was more than $50 million, but the parties didn’t announce it. The deed has yet to be filed in county records.
RREEF America REIT II Corp., a fund managed by Deutsche Bank, sold the 220,000-square-foot office building and its parking deck at 255 Alhambra Circle to the local developers.

The property was last traded for $59.9 million in 2006, so it sold for either a slight discount or basically broke even.


Surf, Sun and Shopping: CRE Executive Stephen Bittel on the Strength of the Pedestrian Mall in South Florida

EntrepreneursBreak, by Ethan – November 17th, 2022  

With gorgeous beaches of fine white sand and turquoise blue waters, dotted with palm trees and temperatures that rarely dip below 70 degrees, it is obvious what draws people to live and play in South Florida. Nobody can deny the siren song of a city that sees sunny days for over two-thirds of the year, but the weather does more than just create perfect beach days. It has also helped Lincoln Road flourish as one of the few remaining original pedestrian malls in the United States.

According to Stephen Bittel, an investor with over three decades of experience in commercial real estate, the most-visited destination in Florida is the beach. Calling it the “starting magic,” he explained that with Lincoln Road’s location only a few blocks from the ocean it is ideally located as a spot for retail and dining after a day at the beach. Bittel’s company Terranova Corporation has owned property on the street since 2011 when it closed on a landmark three-building deal to the tune of $52 million. By 2014 his firm had purchased six properties in total on Lincoln Road at the cost of $191 million, and later completed one of the largest deals in South Florida history when it sold them for $342 million, and again reinvesting.

Terranova’s investment in Lincoln Road properties was part of a larger pivot on the part of Stephen Bittel, whose previous strategy for the business involved a heavy focus on the suburban properties that had spurred the development of pedestrian malls in the first place. In post-World War II America people began migrating to the suburbs at record rates, and by the 1960s and 1970s enclosed shopping centers began appearing en masse in these areas, further driving customers away from the downtown shopping malls that had proliferated in earlier years.



Miami’s First-Ever Carbon-Neutral Building Announced, with Glass that Generates Electricity

THE NEXT MIAMI – September 13, 2022 In Coral Gables, a developer has announced plans for a mixed-use building that will be built with photovoltaic glass.

The electricity-generating glass will combine with other features will help to make it the first carbon-neutral building in Florida, developer Terranova Corporation says.

In addition to generating power, the high-performance glass will insulate the building, said Arquitectonica founder Bernardo Fort-Brescia, who is designing the building.

A high-tech battery system is planned to collect and store the solar energy, and will be used to operate systems including elevators.

There will also be new air conditioner technology installed that needs just 30% of the energy compared to conventional A/C systems.

The building will be known as 93 Miracle Mile.

“93 Miracle Mile will be a revolutionary project,” said Stephen Bittel, the founder and chairman of Terranova.

Bittel said he expects the building to be a blueprint for other developers and city planners.

The four-story building will have 36,482 square feet of space. There will be restaurant on the ground floor, retail on the second and third levels, and office space on the fourth level. A rooftop terrace will be covered with a trellis.

The building would be the first to be built under Coral Gables’ new Miracle Mile Overlay code, and fully complies with zoning rules. The design includes stone cladding and a rooftop suspended orchid garden.

Construction is expected to begin as soon as city approvals and permits are obtained, with delivery one year later.