Stephen Bittel’s Terranova wants in on the hotel game on Miracle Mile

The city last year completed a $21 million streetscape project along Miracle Mile and is working on reshaping the retail component

Miami /
Jul.July 25, 2019 01:30 PM
 Rendering of the Mile Hotel and Shops and Stephen Bittel (Credit: Arquitectonica and Terranova)

Rendering of the Mile Hotel and Shops and Stephen Bittel (Credit: Arquitectonica and Terranova)

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.

A rendering of the project

A rendering of the project

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.


Related Articles

arrow_forward_ios
Lease roundup: Slalom opens first South Florida office in Wynwood, 10 tenants sign at 800 Brickell
Lease roundup: Slalom opens first South Florida office in Wynwood, 10 tenants sign at 800 Brickell
Lease roundup: Slalom opens first South Florida office in Wynwood, 10 tenants sign at 800 Brickell
John Ruiz sells waterfront Coral Gables mansion for $14M
John Ruiz sells waterfront Coral Gables mansion for $14M
John Ruiz sells waterfront Coral Gables mansion for $14M
Fortune International Realty’s former Miami office sells for $8M
Fortune International Realty’s former Miami office sells for $8M
Fortune International Realty’s former Miami office sells for $8M
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Bar Invest Group CEO Jacques Barbera and MV Group USA CEO Manny Varas with 440 Costanera Road (Bar Invest Group, MV Group USA)
Builder sells his Cocoplum home to Bar Invest CEO for $16M
Builder sells his Cocoplum home to Bar Invest CEO for $16M
John Ruiz with 530 Arvida Parkway (LPG for One Sotheby’s International Realty, John Ruiz)
Fresh off Lionheart SPAC merger, John Ruiz drops $25M on Gables Estates mansion
Fresh off Lionheart SPAC merger, John Ruiz drops $25M on Gables Estates mansion
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...