The chairman of Terranova Corporation, Stephen Bittel, announced on July 23, 2021, the acquisition of 300 Miracle Mile, one of the most prominent buildings in downtown Coral Gables, FL. The purchase was made for $6 million. Stephen Bittel of Terranova now owns 12 buildings in Coral Gables, which demonstrates his commitment to strengthening the retail corridor. The deal was closed on June 29. Terranova purchased the building from the Mildred Weissel Trust, which had owned the building for over 70 years. Most recently, the 5950 square foot building was home to the California Pizza Kitchen, which closed due to the effects of the COVID pandemic. Bittel’s plan for the space is to incorporate a new, high-end restaurant in order to elevate the profile of the central corner destination in Cora Gables’ business district.
In a recent statement, Stephen Bittel expressed his hopefulness due to the new activity and future possibilities at many of his properties, including many different restaurants. According to him, the commercial real estate business in Florida is currently quite strong. Bittel incorporated Terranova in 1980, and the company has since expanded into one of the largest commercial real estate firms in all of South Florida. Bittel and Terranova have been involved in over $5 billion of projects involving commercial real estate. The Miami native has also been involved in numerous ways in South Florida, including Board Director positions with several foundations and partnerships. He also has a J.D. which he acquired from the University of Miami in 1982.