A lot of changes have come with COVID-19. The pandemic wave has caused businesses to shutter up for good in some areas, unable to keep up with policy changes or digital migration. But, what is a sad day for some companies has turned into a golden opportunity for others.
As companies close or choose to downsize to another location, prime commercial real estate in Miami is left open for the grabbing. Stephen Bittel and Terranova have worked hard to fill up every spot in their locations along Miracle Mile in Coral Gables and Lincoln Lane in Miami Beach.
“We wanted to provide an opportunity to small businesses, restauranteurs and artists to locate themselves in a bustling and enviable location, create increased activity, and simultaneously fill vacancies created by long-term shutdowns,” says Terranova Founder and Chairman Stephen Bittel. “Despite the ongoing pandemic, South Florida’s retail real estate market is healthy and active.”
Changes Brought to Lincoln Lane
There are a number of exciting new businesses signing on with Terranova along Lincoln Road. The eclectic shops were chosen because they bring a new vibe to the area that adds diversity to the local appeal of popular Lincoln Road.
“These micro pop-ups bring excitement and diversity to Lincoln Road retail and create opportunities for more local and start-up concepts to locate themselves in a bustling and enviable location without a great deal of risk,” says Stephen Bittel, Chairman and Founder of Terranova Corporation.
- Plant Daddy is a small and inspiring plant shop, owned by Plant Daddy himself, Gabriel Diaz. Local shoppers love how well he knows his wares and provides all the plant advice you need to turn your black thumb green. Located on 808 North Lincoln Lane, you can buy other plant-related items at Plant Daddy, like sage to burn.
- Renegade Rustlers is a small antique clothing boutique, run by fashionista Jozy DeFord. This eclectic space at 904 North Lincoln Lane is filled with all kinds of classy finds, from cute hats to elegant dresses.
- Sol + Sorbet is a high-end brand that sells sexy beach chic wares for women. The resort wear brand is a favorite among Miami locals and vacationers looking for high-end beach ware. From swimwear to coverups, you’ll find an elegant taste in the Sol + Sorbet collections at the 816 Lincoln Lane pop-up retail shop.
- The Sexy Cow will be opening in spring of 2021 and offering a full-service Latin steak and churrascaria style restaurant. The mouth-watering menu will feature a wide range of steaks, seafood, pizza, pasta, salads and sandwiches. This location on 809 Lincoln Road will offer indoor and outdoor seating for breakfast, lunch and dinner.
- The Lincoln Eatery is Miami Beach’s food hall on Meridian Avenue and North Lincoln Lane. Stephen Bittel and Terranova added Simply Good Pizza, Cilantro 27 and Market Milkshakes Bar to complete the diverse offerings in this location.
These shops join popular Terranova tenants who will be staying on, including Havana 1957 Cuban Coffee and Fast Connect. The micro suites within the area are all currently filled to capacity.
High-Value Retail Tenants Sign-On in Coral Gables, Miami
Miracle Miles is located in downtown Coral Gables, offering a friendly retail corridor for pedestrians to browse at their leisure. The beautiful location is welcoming new merchants to the City Beautiful mix. A number of new dining locations plan to open their doors within the area, drawing in new traffic who are ready to appreciate the vast array of popular restaurants hosted along Miracle Mile.
“More dining options are fitting for an area that offers not only an affluent residential community but one of the densest downtown office districts in all of Miami,” says Stephen Bittel. “It’s no surprise that retailers and restaurateurs are taking a close look at Coral Gables, wider sidewalks with outdoor seating in beautiful South Florida is a hot commodity.”
- Studios on the Mile was installed with a partnership between Terranova and Coral Gables Business Improvement District to showcase a number of artists along the 200 block of Miracle Mile. The six spaces show off student work through skilled master crafters, with work done in all kinds of mediums. These spaces will continue to host galleries and working studios until December 31st.
- Seasy Mediterranean brings a healthy seaside cuisine option to the area into one of the larger spaces in the area. The delicious Mediterranean restaurant offers contemporary healthy dining along with traditional Italian food and is located at 136 Miracle Mile.
- Miami-Dade County Coral Gables Branch Library needed a new spot while their current branch building undergoes renovations. Rather than stay closed, the local library opened its doors at 308 Miracle Mile, which offered prime visibility and easy access.
- Sushi Sake is already a popular South Florida sushi bar and decided to launch a 15th location along Miracle Mile. The expansive menu includes sashimi, teriyaki, hibachi, sushi and a wide selection of Sake and signature sauces. After 11 solid years as a growing local chain, Sushi Sake is scheduled to open in 2021 at 202 Miracle Mile.
- Tamaria is a Jazz House with healthy cuisine from all over the world. The international food restaurant and entertainment joint has signed on a three-year lease with Terranova. Tamaria will start serving breakfast, lunch and dinner, starting in 2021.
Miracle Mile has been undergoing revitalization and beautification since the 2016 streetscape project. Forward thinkers, like Stephen Bittel, have been continually working to make the area one of the most desirable retail locations in Miami. The downtown vibe is ideal for Coral Gables—an immersive experience for locals and visitors alike.
Miami Retail Wavers, But Value Holds
As a whole, South Florida’s retail real estate weakened in the third quarter of 2020. After a year of many stressors, the change is only to be expected. Higher vacancies were reported throughout the areas, but Miami-Dade’s vacancy rate actually tied with 2018’s fourth quarter as the area saw the lowest vacancy rate among the three counties. Within Miami-Dade County, vacancy is at 4.5%, which is up only .2% from the second and third quarters of 2019. Within the area, Downtown Miami had the highest vacancy rate at 21.5%.
With a slight change in vacancy, value held for areas like Miami Beach. Compared to the county’s average asking rent rates, Miami Beach value was more than double. Miami Beach also saw the most construction in the country. Keeping quality tenants and bringing in new retailers to fill the vacancies in the popular storefronts is part of how these areas continue to hold value.
Terranova Corporation is the leading commercial real estate firm in South Florida. With nearly $1 billion in commercial real estate assets between its partners and its own portfolio, the firm offers services that include leasing, property management, acquisitions and joint ventures. The high street retail group provides services to certain partners or clients that are looking for maximum value in their properties.
Founder and CEO of Terranova Corporation, Bittel is directly involved in the Florida commercial real estate development scene. He served as the Chairman of YPO Miami Chapter and Co-Chairman of the YPO Miami Gold Chapter. His work in commercial real estate was kickstarted in 1980 with the launch of Terranova. Through his corporation, Stephen continues to champion local economies, provoking increased retail value in Miami through commercial real estate development.