Terranova gets $18M construction loan for Lincoln Lane
As development ramps up for the former home of H&M and Gap pop-up stores off of Lincoln Road, the developer, Terranova Corp., received an $18.25 million construction loan this week.
Terranova’s plans for Lincoln Road’s spillover expansion into Lincoln Lane include 723 Lincoln Lane, which will have 42,000 square feet alongside Macy’s. In March, Terranova Chairman Stephen Bittel said a national retailer was close to signing the main tenant, which will take up 28,550 square feet spread over a portion of the ground floor and all of the second and third floors. Industry scuttlebutt is that Marshalls will be that tenant.
PNC Bank granted the mortgage to PPF 723 Lincoln Lane, according to a deed recorded in Miami-Dade County records on Thursday.
Terranova’s plans also include the building across Meridian Avenue at 801 Lincoln Road, where Abuela’s and Deco Drive Cigars currently operate. Bittel previously told TRD that the development has received Miami Beach Historic Preservation Board approval.
“There, we will have a ground floor entrance with a third-floor restaurant that is part open and part closed, with incredible views,” he said.
Both buildings were designed by Allan Shulman’s Shulman + Associates, with Wolfberg Alvarez & Partners handling the working drawings for the second building, Bittel said.
The development of Miami Beach’s Lincoln Lane is part of a neighborhood-wide transformation into a global retail destination. Apple’s new store at 1021 Lincoln Road was designed by Touzet Studio, a Miami-based architecture and design firm. Next door to Apple is the planned Nike store, which recently received approval from the Miami Beach Historic Preservation Board for its plans to demolish the building that straddles the corner of Lenox and Lincoln Road and develop it into a 30,000-square-foot multistory building.