Terranova Corporation has announced a significant leasing achievement, securing nearly 100,000 square feet of new and expanded leases across nine properties in and around Coral Gables’ Miracle Mile. The total value of these deals amounts to over $56 million, reflecting strong demand for prime commercial space in the vibrant South Florida market.
Key Takeaways
- Terranova Corporation finalized 96,791 square feet of new and expanded leases.
- The total value of the leases is $56,396,408.
- The leases were executed across nine properties, primarily on and near Miracle Mile.
- Demand is strong from financial services, hospitality, wellness, and experiential retail sectors.
A Boost for Miracle Mile
Over the past five months, Terranova has successfully executed 17 new leases and one expansion, demonstrating a robust leasing velocity. This activity highlights the continued appeal of Coral Gables as a premier mixed-use destination, attracting a diverse range of tenants seeking high-quality space in a walkable and affluent submarket.
Stephen Bittel, Founder and Chairman of Terranova Corporation, emphasized the company’s strategic approach. "With Terranova being the largest property owner on Coral Gables’ Miracle Mile, we’ve taken a highly intentional approach to curating a dynamic tenant mix that drives consistent foot traffic and enhances the overall community experience," Bittel stated. "Our goal is to make the area an all-day destination to continue attracting leading brands and serve the community."
Notable Leases and Tenants
The leasing efforts span several key properties, including the 13-story, Class A office building at 255 Alhambra Circle. This building, co-owned with Torose Equities and LNDMRK Development, saw seven leases completed, adding to its roster of professional services firms like Leon Cosgrove and TD Bank.
Among the new tenants at 255 Alhambra Circle are:
- Industrious: A provider of flexible workplace solutions, leasing 22,693 square feet for its first Coral Gables location.
- Driftwood Capital: A hospitality-focused real estate firm, expanding its lease to 18,529 square feet.
- Edward Jones: A financial services firm, leasing 5,728 square feet.
- UMusic Hospitality and Lifestyle: A global hospitality company, leasing 3,369 square feet.
- Janney Montgomery Scott: A wealth management firm, leasing 2,247 square feet.
- Lifestyle Realty: A luxury residential real estate brokerage, leasing 2,495 square feet.
- PayCargo: A logistics industry payments platform, leasing 1,721 square feet.
Additional leases were finalized at 299 Alhambra Circle and across Miracle Mile itself, bringing in a variety of retail and service-oriented businesses. These include:
- Moxie’s: An upscale casual dining restaurant, leasing 18,787 square feet at 93 Miracle Mile.
- Wells Fargo: A financial services institution, leasing 5,900 square feet at 200 Miracle Mile.
- Chewy Vet Clinic: A veterinary care concept, leasing 2,979 square feet at 212 Miracle Mile.
- Simka Semch: A Peruvian luxury fashion brand, leasing 2,236 square feet at 330 Miracle Mile.
- Fuku Miami: A fast-casual fried chicken concept, leasing 1,927 square feet at 135 Miracle Mile.
- Linen Drama: A luxury home linen brand, leasing 1,089 square feet at 216 Miracle Mile.
Coral Gables’ Enduring Appeal
Mindy McIlroy, President of Terranova Corporation, expressed enthusiasm for the new tenant mix. "Terranova is excited to introduce a new wave of tenants that further define Miracle Mile’s next chapter," she said. "There’s a clear reason leading brands are choosing to establish a presence here. It speaks to the strength, momentum, and long-term vision of the area."
Coral Gables, known as "The City Beautiful," continues to be a sought-after submarket due to its blend of historic charm, walkability, and strategic location. Its accessibility to major business centers and cultural hubs, including Miami International Airport and Brickell, makes it an attractive location for businesses and residents alike.