Terranova Corp. is planning to build a mixed-use hotel on the newly revamped Miracle Mile in Coral Gables.
Gables Miracle Mile LLC, an affiliate of Stephen Bittel’s Miami Beach firm, submitted a proposal for the Mile Hotel and Shops, a 120-key development at 220 Miracle Mile.
The Arquitectonica-designed property would be seven stories and 70 feet, with more than 28,000 square feet of retail and food and beverage space. Nearly 15,000 square feet of that retail space would be set aside for the ground floor, according to the plans.
The project will have two towers, a base and center court, with a rooftop pool deck and enclosed 3,915-square-foot restaurant and bar. The hotel rooms would be on floors three to six, with meeting space on the second floor.
Records show Gables Miracle Mile LLC paid $12.28 million for the 0.55-acre corner property in 2013. The lot houses a 48,000-square-foot building, built in 1950, where Starbucks and Einstein Bros. Bagels were longtime tenants.
The Terranova affiliate estimated the total cost at about $20 million. The Coral Gables Development Review Committee will take up the proposal at its meeting on July 26.
In 2018, the city completed a $21 million streetscape project along Miracle Mile and Giralda Avenue aimed at creating a pedestrian-friendly experience with garden areas, outdoor dining, improved lighting, wayfinding and public art. It’s also working on reshaping the retail mix along the Mile.
Earlier this year, Coral Gables approved plans for a new mixed-use apartment tower at 100 Miracle Mile, a two-building project with a 14-story building with 135 luxury rental units, about 13,000 square feet of ground-floor commercial space, and 4,236 square feet of office space.
The South Florida Business Journal first reported on the Terranova project.