Terranova’s Stephen Bittel with 93 Miracle Mile (Getty, Terranova)
Stephen Bittel’s Terranova Corporation plans to redevelop a previous pharmacy in downtown Coral Gables into a four-story retail-and-business office setting up.
The Arquitectonica-created job at 93 Wonder Mile will include a 6,700-sq.-foot restaurant on the ground floor, 9,700 square ft of retail on the 2nd and third flooring and 7,300 sq. ft of workplaces on the fourth floor, according to a press release. Terranova submitted strategies with the metropolis on Friday.
An affiliate of Miami Seaside-dependent Terranova paid $6.8 million for the .2-acre internet site in December, documents present. The vacant, 9,000-square-foot constructing on the home, built in 1950, was formerly occupied by area chain Navarro Price cut Pharmacy. The pharmacy closed in 2014 following the chain was obtained by CVS.
Terranova is the greatest landowner on Wonder Mile, a part of Coral Way stretching by way of the city’s central business district, where the developer owns 15 houses totalling about 120,000 sq. ft. Its holdings include things like a pair of storefronts at 232 Coral Way and 330 Miracle Mile that it ordered for $7.8 million past 12 months, and a one-tale building at 300 Wonder Mile it acquired past 12 months for $6 million.
The 93 Miracle Mile project’s proposed peak falls inside the Wonder Mile Overlay zoning code, a measure permitted by the Coral Gables Metropolis Commission last year to spur industrial improvement together the corridor but restrict “over-constructing,” the release states. The overlay caps making heights at 4 tales and bans parking garages on Wonder Mile whilst making it possible for small-scale, combined-use assignments like the one particular Terranova is proposing.
The nearly 37,000-square-foot improvement will include photovoltaic glass to harness photo voltaic power, battery systems to acquire and keep power and a substantial-effectiveness air-conditioning procedure, the launch states. The rooftop will be made use of as a terrace greenspace.
Upon getting metropolis approvals and permits, the developer expects the challenge to get a single yr to full.
Established in 1980 by Bittel, Terranova and its associates have much more than $5 billion well worth of industrial tasks, in accordance to the agency. It experienced beforehand prepared a two-tower, mixed-use venture with a 120-critical lodge at 220 Miracle Mile, but set that job on hold last 12 months just after refinancing its portfolio along the strip with a $55 million mortgage.
