In recent news, Terranova Corp, a Miami Based real estate firm owned by a local native of the area, has made the final payments for a very strategic piece of property at 300 Miracle Mile in Coral Gables. Stephen Bittel is the company’s Chairman, and he recounts how he has had eyes on the one-story building that sits on a bustling street corner for over a decade.
Terranova parted with six million dollars for this new investment, half of which is from one of the company’s partners in this next project. Coincidentally, Stephen Bittel is no stranger to the Miracle Mile as Terranova already owns property on the opposite side of the street to this new acquisition and others along the block.
Terranova is only giving information about the new purchase with Ari Bittel, the Managing Director, even disclosing Apollo as their partner. As for future plans for the asset, nothing has yet to be confirmed, but whatever they choose to do will come at the best time for the area in terms of development.
In the same Miracle Mile Street, a lot of activity has cropped up, with new dining establishments opening their doors recently. Some major construction projects have also been erected around the Coral Gables area with the possibility of injecting a significant commercial atmosphere necessary to overcome the challenges posed by the epidemic on many businesses.
Stephen Bittel Founded Terranova over forty years ago; in that time, his main property of choice has always been commercial assets. He is a local leader to the South Florida Community of Miami, where he and his parents all grew up.
Bittel is an influential figure in his community, and he has been a member of various local organizations committed to serving the local business environment and public safety. Terranova also buys and renovates commercial property in the area to help maintain the local economy. See this article for additional information.
Find more information about him on https://www.stephenbittel.co/about