MIAMI HERALD – December 12, 2021 BY REBECCA SAN JUAN More shopping and dining are coming soon to Coral Gables’ historic Miracle Mile retail strip, signaling progress after years of struggle.
Nineteen new tenants are expected to open during 2022, according to the City of Coral Gables and commercial real estate developers and property managers Terranova and Kerdyk Real Estate, which own several storefronts.
The newcomers follow a trail of 15 other businesses that have crowded onto the commercial stretch since 2019. As a result of the bustling, the city reported vacancies in December dropped from about 13% to 9% year-over-year among the 114 storefronts along the four-block stretch from LeJeune Road and Douglas Road.
The activity follows a whirlwind of challenges, including two years of construction for a new streetscape, a slowdown in customers during the start of the pandemic and a robbery in late 2019.
“The streetscape project took longer than expected, chasing many customers away, and the pandemic had businesses at a standstill,” said Manny Chamizo III, global commercial director for One Sotheby’s International Realty. He owns three storefronts and manages several leases along the Mile.
“I walked the Mile in April 2020 and counted 23 vacancies and thought, ‘Oh, this is not good.’ Now I see that the Mile is almost filled up,” Chamizo said.
Lights will go on in even more vacant spaces, including for the former Ortanique on the Mile. Three eateries are exploring the restaurant space adjacent to the Actors’ Playhouse at the Miracle Theatre, Coral Gables Business Improvement District Executive Director Aura Reinhardt.
Foot traffic increased in mid-2021 as more people were vaccinated against the coronavirus and many people returned to work in nearby offices in the Miami suburb. A strong indicator its slump is over, there have been 3.4 million visitors along Miracle Mile so far this year, compared with 638,000 visitors in 2020.
Erica des Roches, owner of Veranda Plants and Gifts, opened three weeks ago.
“I live in Miami Beach. I’ve always loved Coral Gables, because it is so beautiful. I came across this little space and it is perfect,” des Roches said. “It is a good demographic. It is a wealthy demographic. They have a disposable income that they can spend on plants. There is a need here for this type of store and affordable gifts.”
Miracle Mile still has room for improvement, landlords told the Miami Herald. A slow permitting process continues to plague the city, said Stephen Bittel, Terranova’s founder and chairman. It may take six months, instead of the usual three, he said, for a business to get permits approved in order to open.
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Prosperous chapter for Miracle Mile? Wave of stores, dining spots coming to Coral Gables’ strip
/in In the news, LeasingMIAMI HERALD – December 12, 2021 BY REBECCA SAN JUAN More shopping and dining are coming soon to Coral Gables’ historic Miracle Mile retail strip, signaling progress after years of struggle.
Nineteen new tenants are expected to open during 2022, according to the City of Coral Gables and commercial real estate developers and property managers Terranova and Kerdyk Real Estate, which own several storefronts.
The newcomers follow a trail of 15 other businesses that have crowded onto the commercial stretch since 2019. As a result of the bustling, the city reported vacancies in December dropped from about 13% to 9% year-over-year among the 114 storefronts along the four-block stretch from LeJeune Road and Douglas Road.
The activity follows a whirlwind of challenges, including two years of construction for a new streetscape, a slowdown in customers during the start of the pandemic and a robbery in late 2019.
“The streetscape project took longer than expected, chasing many customers away, and the pandemic had businesses at a standstill,” said Manny Chamizo III, global commercial director for One Sotheby’s International Realty. He owns three storefronts and manages several leases along the Mile.
“I walked the Mile in April 2020 and counted 23 vacancies and thought, ‘Oh, this is not good.’ Now I see that the Mile is almost filled up,” Chamizo said.
Lights will go on in even more vacant spaces, including for the former Ortanique on the Mile. Three eateries are exploring the restaurant space adjacent to the Actors’ Playhouse at the Miracle Theatre, Coral Gables Business Improvement District Executive Director Aura Reinhardt.
Foot traffic increased in mid-2021 as more people were vaccinated against the coronavirus and many people returned to work in nearby offices in the Miami suburb. A strong indicator its slump is over, there have been 3.4 million visitors along Miracle Mile so far this year, compared with 638,000 visitors in 2020.
Erica des Roches, owner of Veranda Plants and Gifts, opened three weeks ago.
“I live in Miami Beach. I’ve always loved Coral Gables, because it is so beautiful. I came across this little space and it is perfect,” des Roches said. “It is a good demographic. It is a wealthy demographic. They have a disposable income that they can spend on plants. There is a need here for this type of store and affordable gifts.”
Miracle Mile still has room for improvement, landlords told the Miami Herald. A slow permitting process continues to plague the city, said Stephen Bittel, Terranova’s founder and chairman. It may take six months, instead of the usual three, he said, for a business to get permits approved in order to open.
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Terranova sells Miami Beach HQ building for $22M
/in Acquisitions, General, In the newsSOUTH FLORIDA BUSINESS JOURNAL – December 10, 2021 BY BRIAN BANDELL Commercial real estate firm Terranova sold its Miami Beach headquarters office for $22 million and will look for new space next year.
The company sold the six-story, 51,806-square-foot office building at 801 Arthur Godfrey Road to Miami-based Fifteen Group. Terranova Chairman Stephen Bittel said his company and a sister company currently occupy about 13,000 square feet there and haven’t been leasing it out to third parties, so much of the building is not occupied.
Terranova acquired the office for $4.26 million in 2002, so it sold it for a big gain. It was built on the 22,135-square-foot lot in 1969.
“It’s a little sad that we are letting go of something that is near and dear to us,” Bittel said. “Our business plan has evolved over the years, and we just didn’t need that much space. Low interest rates and a focus on South Florida real estate has driven pricing very high.”
Bittel said Fifteen Group plans to renovate the building and lease it to third parties, which will create more opportunities to lure companies to Miami Beach. Teranova will lease space there for a year while it looks for a new headquarters.
Bittel said Terranova and its affiliates need about 20,000 square feet and are looking in Miami Beach and Coral Gables. He might purchase a larger building and lease out part of the space. He would also consider leasing.
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Terranova Sells Longtime Miami Beach HQ for $22M
/in Acquisitions, In the newsTHE REAL DEAL – December 10, 2021 BY KATHERINE KALLERGIS
Terranova Corporation sold its longtime headquarters in Miami Beach for $22 million, marking one of the largest investment sales on 41st Street.
Terranova sold the nearly 52,000-square-foot building at 801 Arthur Godfrey Road to Fifteen Group in an off-market deal, Terranova Chairman Stephen Bittel told The Real Deal. Miami-based Fifteen Group, led by Mark and Ian Sanders, plans to renovate the building and lease it to family offices, wealth management and financial firms, according to a release.
Terranova paid $4.3 million for the property in December 2002, records show. The commercial real estate firm plans to stay on the top floor for the next year until it finds a new home base of about 20,000 square feet, Bittel said. The company will likely either stay in Miami Beach or move to Coral Gables.
Florida Dental Benefits, a Terranova company, will move with the firm. Terranova has investments in gas stations, car washes and convenience stores, as well as insurance and private equity. The company recently secured a $55 million refinance of its Miracle Mile portfolio in downtown Coral Gables.
A few sales have occurred along 41st Street, which is a main Mid-Beach thoroughfare that connects Miami Beach to the mainland via the Julia Tuttle Causeway. In 2016, Hyatt Hotels paid more than $229 million for the Confidante Miami Beach on Collins Avenue and 41st Street. And earlier this year, TRD reported that hospitality mogul David Grutman plans to reopen The Forge at 432 West 41st Street.
Bittel said it is “a great time to be a seller,” but said it was difficult to sell the Miami Beach property. “This is our home. It’s been our home for a long time,” he added.
Fifteen Group “quickly came in, and we reached a price agreement they think is too high and we think is too low,” Bittel said.
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