Terranova Corp. is developing two new three-story buildings near Meridian Avenue in Miami Beach, bringing additional retail stores and a rooftop restaurant to the Lincoln Road area, Chairman Stephen Bittel told The Real Deal.
The new sites, at 723 Lincoln Lane and 801 Lincoln Road, are geared to expand the Lincoln Road shopping district from the pedestrian promenade to 17th Street. As rents reach as high as $400 a square foot, the retail area is continuing to pour over onto the side streets.
“This commences a march from Lincoln Road to 17th Street, creating an expansion of the Lincoln Road shopping district that is so vibrant around Lincoln Road,” Bittel told TRD, citing nearby CB2 and Khong River House. “Meridian will be a big part of it.”
The first building at 723 Lincoln Lane, will have 42,000 square feet alongside Macy’s, and has already received Miami Beach Design Review Board approval.
Bittel said a national retailer is close to signing as the main tenant of the new building, taking 28,550 square feet, which will include a portion of the ground floor and all of the second and third floors, with an elevator and escalator connecting the floors.
The rumor among Miami Beach insiders is that the tenant will be Marshalls.
The remaining 13,450 square feet of space will likely be leased to multiple tenants, said Bittel, whose company is the largest property owner on Lincoln Road.
Demolition of the existing building will begin later this month, Bittel said. Construction is expected to take 14 months. The property was previously the site for H&M’s initial pop-up store, and later, a pop-up shop for Gap, which it occupied while its new Lincoln Road building was under construction.
The second building will be built at 801 Lincoln Road, where Abuela’s and Deco Drive Cigars currently operate. Bittel said the development has received Miami Beach Historic Preservation Board approval.
“There, we will have a ground floor entrance with a third-floor restaurant that is part open and part closed, with incredible views,” he said.
Both buildings were designed by Allan Shulman’s Shulman + Associates, with Wolfberg Alvarez & Partners handling the working drawings for the second building, Bittel said.
The properties will be developed as other new construction takes place along popular Lincoln Road, including a new Apple store being developed by commercial real estate broker and developer Michael Comras. He was also involved in the new Gap property, which is also home to Intermix and Athleta. Nearby, a new Miami Beach Convention Center and Lincoln Road streetscape project are also planned for the future.