In the past few years, Terranova has witnessed exponential growth. This has included the purchase of different properties across the country, with the most recent acquisition being a 6,000-square-foot corner property located along Miracle Mile in Coral Gables. The corner property used to house the California Pizza Kitchen, but unfortunately, the business was closed due to the ravages associated with the coronavirus pandemic.
It is believed that the company owned by Stephen Bittel paid an estimated $6 million to secure the prime property. However, the company relied on a $3 million loan from Ari Bittel, who is Terranova’s current managing director. An interesting aspect about the purchase of the corner store property is that Stephen Bittel had expressed his interest in purchasing it more than fifteen years ago. As such, Bittel and his company had always looked forward to this day and hoped that the owner of the building would prioritize Terranova the moment they decided to sell the building.
Terranova aims to capitalize on the acquisition of the Miracle Mile Property by relying on other companies such as Dickey’s BBQ Pit and Sushi Sake, who are expected to open their businesses inside the building. Additionally, it is of the essence to bear in mind that Agave Holding will be overseeing the construction of a 2.25 million-square-foot project which is located a few blocks from Miracle Miles.
About Stephen Bittel
Stephen Bittel is the founder and chairman of Terranova Corporation. Since 1980, Stephen has been at the forefront in overseeing leadership and operation-based activities in the company. Through his leadership, the company has grown from a little-known company to a nationally recognized real estate company. Stephen has also served as a board member of various companies such as Teach for America, the Chapman Partnership, Jackson Memorial Hospital, and the Miami-Dade Expressway Authority.