A 4-story Miracle Mile mixed-use tower has been planned for a 0.2-acre site located in Coral Gables, Florida. Last December, the Miami Beach-based developer, Terranova Corporation, purchased the property for $6.8 million. The site is currently occupied by a former 9,000-square-foot Pharmacy building, which Terranova plans to redevelop into a retail-and-office building.
However, the Miracle Mile tower development still requires certain city approvals and permits to move forward. If all goes as planned, the developers expected the construction to be completed within a year. The building’s proposed 4-story height was intentionally selected to match the Miracle Mile Overlay zone code. The Coral Gables City Commission put this measure in place last year to encourage commercial development, while also limiting overdevelopment.
https://terranovacorp.com/wp-content/uploads/2022/09/TheNext-CarbonNeutral-93MM.jpg13802110adminhttps://terranovacorp.dreamhosters.com/wp-content/uploads/2022/02/TerranovaLogo-1.svgadmin2022-09-23 13:55:442023-05-16 13:37:04Miracle Mile tower project to be developed in Florida
In the wake of the most recent EFFR increase, experts told Connect CRE that there is no doubt that continued hikes are impacting commercial real estate funding. Reliable sponsors can still obtain bank and life insurance company debt. But “nearly all of the Wall Street-type loan funds that rely on lines of credit or repurchase agreements are effectively out of new business without admitting it publicly,” said Stephen Bittel, founder and chairman of Terranova Corporation. Meanwhile, he continued, lenders are focusing on near-term renewals and stress-testing existing loans at renewal rates from 5.5% to 6.5%, “well in excess of loan rates from the last few years.”
Meanwhile, Chad Plumly said that while his company, Matthews Capital Markets, doesn’t rely on the Fed rates when it comes to financing, the hikes are impacting the overall markets. “In turn, treasury rates and term SOFR rates have increased significantly,” said Plumly, who is First Vice President with Matthews Capital Markets. Additionally, “borrowers seeking short-term floating rate or construction financing are finding it relatively more difficult than those seeking long-term financing,” said
Terranova Corporation, led by Stephen Bittel, has revealed plans for 93 Miracle Mile, the first carbon-neutral building in Florida on Miracle Mile in Coral Gables. The Arquitectonica-designed mixed-use commercial building will use electricity-generating photovoltaic glass and will be the first built under the new Miracle Mile Overlay zoning code. Plans were recently submitted to the City of Coral Gables for approval. 93 Miracle Mile will rise four-stories and will feature 6,700 SF of ground floor restaurant space, 9,700 SF of retail space on the 2nd and 3rd floors, and 7,300 SF of office space on the 4th floor. The building will also feature a rooftop terrace.
Terranova is the largest property owner on Miracle Mile with a portfolio spanning 15 properties and 120,000 SF. They acquired the .2-acre site with a vacant 9,000 SF retail building which was previously Navarro Discount Pharmacy for $6.8 million in December 2021.
https://terranovacorp.com/wp-content/uploads/2022/09/6eDEkKTg.jpg10101510adminhttps://terranovacorp.dreamhosters.com/wp-content/uploads/2022/02/TerranovaLogo-1.svgadmin2022-09-16 20:26:162023-05-16 13:37:04Terranova Reveals Arquitectonica-Designed Carbon-Neutral Mixed-Use Building On Miracle Mile In Coral Gables
Miracle Mile tower project to be developed in Florida
/in In the news, Redevelopment Construction ManagmentCONSTRUCTION REVIEW ONLINE – September 19, 2022
A 4-story Miracle Mile mixed-use tower has been planned for a 0.2-acre site located in Coral Gables, Florida. Last December, the Miami Beach-based developer, Terranova Corporation, purchased the property for $6.8 million. The site is currently occupied by a former 9,000-square-foot Pharmacy building, which Terranova plans to redevelop into a retail-and-office building.
However, the Miracle Mile tower development still requires certain city approvals and permits to move forward. If all goes as planned, the developers expected the construction to be completed within a year. The building’s proposed 4-story height was intentionally selected to match the Miracle Mile Overlay zone code. The Coral Gables City Commission put this measure in place last year to encourage commercial development, while also limiting overdevelopment.
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The Fed, Funds and CRE Financing
/in Financing, In the newsCONNECT CRE – September 22, 2022 BY AMY WOLFF SORTER
In March 2022, the Federal Reserve approved its first interest rate hike in more than three years. Since that time, much has been written about the impact of ongoing Effective Federal Fund Rate increases on commercial real estate financing.
In the wake of the most recent EFFR increase, experts told Connect CRE that there is no doubt that continued hikes are impacting commercial real estate funding. Reliable sponsors can still obtain bank and life insurance company debt. But “nearly all of the Wall Street-type loan funds that rely on lines of credit or repurchase agreements are effectively out of new business without admitting it publicly,” said Stephen Bittel, founder and chairman of Terranova Corporation. Meanwhile, he continued, lenders are focusing on near-term renewals and stress-testing existing loans at renewal rates from 5.5% to 6.5%, “well in excess of loan rates from the last few years.”
Meanwhile, Chad Plumly said that while his company, Matthews Capital Markets, doesn’t rely on the Fed rates when it comes to financing, the hikes are impacting the overall markets. “In turn, treasury rates and term SOFR rates have increased significantly,” said Plumly, who is First Vice President with Matthews Capital Markets. Additionally, “borrowers seeking short-term floating rate or construction financing are finding it relatively more difficult than those seeking long-term financing,” said
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Terranova Reveals Arquitectonica-Designed Carbon-Neutral Mixed-Use Building On Miracle Mile In Coral Gables
/in In the news, Redevelopment Construction ManagmentTerranova Corporation, led by Stephen Bittel, has revealed plans for 93 Miracle Mile, the first carbon-neutral building in Florida on Miracle Mile in Coral Gables. The Arquitectonica-designed mixed-use commercial building will use electricity-generating photovoltaic glass and will be the first built under the new Miracle Mile Overlay zoning code. Plans were recently submitted to the City of Coral Gables for approval. 93 Miracle Mile will rise four-stories and will feature 6,700 SF of ground floor restaurant space, 9,700 SF of retail space on the 2nd and 3rd floors, and 7,300 SF of office space on the 4th floor. The building will also feature a rooftop terrace.
Terranova is the largest property owner on Miracle Mile with a portfolio spanning 15 properties and 120,000 SF. They acquired the .2-acre site with a vacant 9,000 SF retail building which was previously Navarro Discount Pharmacy for $6.8 million in December 2021.
CLICK HERE FOR THE FULL ARTICLE