SOUTH FLORIDA BUSINESS JOURNAL – December 6, 2021 BY JULIAN QUINTANA Miami Beach-based Pura Vida has signed a 10-year lease for an outpost in Coral Gables, where it aims to open its 13th healthy lifestyle eatery by fall 2022.
At 244 Miracle Mile, the new eatery – the brand’s second in Coral Gables – will occupy 2,675 square feet. It already has a location on the University of Miami campus.
There are currently 11 Pura Vida cafes in South Florida, with a 12th set to open Dec. 17 at 221 S.W. First Ave. in Fort Lauderdale. Locations typically range from 2,000 to 3,000 square feet.
“We are so excited about the debut of our new Coral Gables location, especially within such a historical and desirable area in the city’s downtown central business, shopping and dining district,” founder and CEO Omer Horev said. “We look forward to enhancing the area by providing a new and unique wellness-geared dining option for the city’s residents and visitors, all while creating new job opportunities and investment in the area.”
In February, Horev told the Business Journal that his goal was to grow to 10 cafes by the end of 2021.
By the end of 2020, he had opened his fourth and fifth cafes at 959 West Ave. in Miami Beach and at 460 S. Rosemary Ave in West Palm Beach, respectively. Due to those openings, the number of employees at Pura Vida doubled from 110 to over 225, Horev said.
Pura Vida offers health-conscious items such as fresh-pressed smoothies, range-free eggs, raw organic açai bowls, and gluten-free and vegan dessert items.
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Healthy lifestyle cafe Pura Vida signs lease for outpost on Miracle Mile
/in General, In the news, LeasingSOUTH FLORIDA BUSINESS JOURNAL – December 6, 2021 BY JULIAN QUINTANA Miami Beach-based Pura Vida has signed a 10-year lease for an outpost in Coral Gables, where it aims to open its 13th healthy lifestyle eatery by fall 2022.
At 244 Miracle Mile, the new eatery – the brand’s second in Coral Gables – will occupy 2,675 square feet. It already has a location on the University of Miami campus.
There are currently 11 Pura Vida cafes in South Florida, with a 12th set to open Dec. 17 at 221 S.W. First Ave. in Fort Lauderdale. Locations typically range from 2,000 to 3,000 square feet.
“We are so excited about the debut of our new Coral Gables location, especially within such a historical and desirable area in the city’s downtown central business, shopping and dining district,” founder and CEO Omer Horev said. “We look forward to enhancing the area by providing a new and unique wellness-geared dining option for the city’s residents and visitors, all while creating new job opportunities and investment in the area.”
In February, Horev told the Business Journal that his goal was to grow to 10 cafes by the end of 2021.
By the end of 2020, he had opened his fourth and fifth cafes at 959 West Ave. in Miami Beach and at 460 S. Rosemary Ave in West Palm Beach, respectively. Due to those openings, the number of employees at Pura Vida doubled from 110 to over 225, Horev said.
Pura Vida offers health-conscious items such as fresh-pressed smoothies, range-free eggs, raw organic açai bowls, and gluten-free and vegan dessert items.
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Terranova scores $55M refi of Miracle Mile portfolio in Coral Gables
/in Financing, In the newsTHE REAL DEAL – November 29, 2021 BY KATHERINE KALLERGIS
Terranova Corp. secured a $55 million refinance of its Miracle Mile portfolio in downtown Coral Gables, as the firm continues to take advantage of low interest rates.
Miami Beach-based Terranova, led by Chairman Stephen Bittel, received the financing from City National Bank. The debt consolidates and replaces loans from three lenders on 14 properties, Bittel said.
The closing occurred about a month after Terranova refinanced its Marshalls/Lincoln Eatery building in Miami Beach with a $23 million loan, also from City National Bank.
The $55 million loan is backed by properties that include 220 Miracle Mile, 300 Miracle Mile and 253 Miracle Mile. The 220 Miracle Mile property could eventually be redeveloped into a hotel, but Bittel said those plans are on hold for now.
“The money will be used to repatriate some of our capital to accommodate tenant improvements and return some of our originally invested capital,” he said. His company has been taking advantage of “historically low interest rates,” he added.
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Stephen Bittel’s Terranova Prepares for a Post-Pandemic Miami
/in General, In the newsMASS NEWS – OCTOBER 30, 2021 As we round third base and enter into the home stretch of 2021, the future in many ways feels just as uncertain as it did this time last year. After the turbulence caused by the coronavirus pandemic in 2020, what was supposed to be a year of stability has in many ways only brought about more questions that are as of yet unanswered.
In the United States, one of the biggest unknowns is the future of the workplace. COVID-19 dealt a huge blow to office markets across the country, and that has made many experts consider investment in commercial real estate to be particularly risky due to the uncertainty regarding the impact remote working will have on the future. While no metropolitan area is completely immune to that concern, the South Florida region has seen an influx of relocations by businesses and business people alike that may indicate the makings of a swift comeback.
Industry insiders like Stephen Bittel, founder and chairman of the commercial real estate firm Terranova, are maintaining a sense of optimism about the region’s office market as companies and executives –– particularly in the technology and financial services sectors –– are making their way to South Florida in record numbers. Having worked to build Terranova for over four decades to become one of the top CRE firms in the area, Bittel’s knack for maintaining a finger on the pulse of the Miami-Dade area has given him the ability to be predictive and provide unique insights. Will these moves make up for the hits taken by the office market as a result of the coronavirus pandemic? Below we explore further what lies in store for offices.
The ramifications of COVID-19
Like practically every other region in the United States, office occupancy declined in Miami-Dade county during 2020. The declaration of COVID-19 as a pandemic saw companies downsize or outright close, causing leasing activities to stall for most of the year. Even by the beginning of the second quarter of 2021 office vacancy rates were significantly higher than they were the year before, jumping from 16 percent to 19.3 percent according to statistics provided by JLL. Although for many businesses goals to have their workers back in an office by Labor Day were stalled by the spike in cases as a result of the Delta variant, as the vaccination rate in the United States continues to rise it appears that it is finally becoming a viable option. The question remains though: will people choose it?
Rethinking the office
Ask any given expert and you will get a different answer as to the future of offices in a post-pandemic world. A study conducted by the University of Chicago’s Becker Friedman Institute for Economics found that 21 percent of work post-pandemic will be conducted from home, compared to just 5 percent before COVID-19. Some employees have even gotten so used to the quick commute from bed to dining table that they have expressed a willingness to take a pay cut in order to continue working from home.
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