What’s in store for Miracle Mile? Development firm buys buildings for $8M
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.
The firm now owns 14 of the approximately 70 buildings along Miracle Mile, according to property records.
“Most of the buildings have been in the hands of the same families for many years. They lack the access to some of the most interesting tenants that we have access to. We feel like we can come in, update the buildings and bring in interesting tenants,” Bittel added.
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.
The firm proposed plans for a 7-story hotel on the corner of 220 Miracle Mile in 2019. While it took an immediate step forward, he noted, Terranova ultimately paused its development plans after the first quarter of 2021. Earlier this year, the City of Coral Gables capped the height of new developments to four stories.
“That doesn’t mean that we might not return to that plan five to 10 years from now,” Bittel said. “Our first acquisition was 18 years ago. We have generational holds.”
This story was originally published October 25, 2021 at 7:00 AM.
