THE REAL DEAL — March 5, 2015 — BY INA CORDLE Terranova Corp. is developing two new three-story buildings near Meridian Avenue in Miami Beach, bringing additional retail stores and a rooftop restaurant to the Lincoln Road area, Chairman Stephen Bittel told The Real Deal.
The new sites, at 723 Lincoln Lane and 801 Lincoln Road, are geared to expand the Lincoln Road shopping district from the pedestrian promenade to 17th Street. As rents reach as high as $400 a square foot, the retail area is continuing to pour over onto the side streets.
“This commences a march from Lincoln Road to 17th Street, creating an expansion of the Lincoln Road shopping district that is so vibrant around Lincoln Road,” Bittel told TRD, citing nearby CB2 and Khong River House. “Meridian will be a big part of it.”
The first building at 723 Lincoln Lane, will have 42,000 square feet alongside Macy’s, and has already received Miami Beach Design Review Board approval.