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What’s in store for Miracle Mile? Development firm buys buildings for $8M

MIAMI HERALD – OCTOBER 25, 2021 BY REBECCA SAN JUAN
More Miracle Mile real estate lands in the care of a development firm keen on bringing change to the historic retail strip in Coral Gables.

The Miami Beach-based development and investment firm Terranova acquired the retail buildings 232 Coral Way and 330 Miracle Mile, a two-minute walk from each other, according to its founder and chairman Stephen Bittel. The firm acquired the buildings from Will of Mildred W Brown, LLC for a combined $7.8 million. The Real Deal first reported the transactions.

The Mediterranean restaurant Kaia will soon open in the 1,861-square-foot 232 Coral Way space, Bittel said. Gabriella Arango Couture and two vacant spaces comprise the 9,099-square-foot 330 Miracle Mile.

Terranova is bullish on Miracle Mile because “the city’s real estate market is strong and positioned for continued growth,” Bittel said.

Terranova plans to acquire more buildings along Miracle Mile, he told the Miami Herald.

“We hope that by having more stores we can drive the future by selecting the right tenants to be there,” Bittel said.

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