TerraNovaCorp Marks 40 Years in South Florida Commercial Real Estate
Over the past four decades, South Florida has experienced an unprecedented period of growth and development within its commercial real estate sector. At the heart of that expansion has been Terranova Corporation, the powerhouse firm that has emerged as a leader in leasing, management, investment, and development throughout South Florida, and which now holds a commercial property portfolio valued at over one billion dollars.
Founded by Steven Bittel in 1980, Terranova was first incorporated as an investor in two small shopping centers. By building relationships with other investors and identifying local real estate opportunities, the firm soon expanded its early portfolio to include leasing and management responsibilities for an office park, and industrial project, and a shopping center.
Based on industry relationships fostered through these initial projects, Bittel’s firm gradually expanded the services it offered, moving into commercial development and construction, along with leasing and management. By the 1990s, Terranova was actively involved in a myriad of shopping centers, office buildings, and industrial parks throughout the region, bringing jobs to many South Florida communities that previously had limited employment and business opportunities.
Today, Terranova remains at the forefront of South Florida commercial real estate trends, such as integrating lifestyle elements into the shopping experience. Far from the original basic shopping center model, modern shopping districts incorporate pedestrian areas, water features, themed landscaping, art installations, and outdoor activities, which combine to enhance commercial districts as “destinations.”
One well-known example is Coral Gables’ Miracle Mile. In partnership with the City, the shopping center recently underwent a $21 million streetscape project, which elevated the project to include walking pathways, outdoor dining spaces, specialized lighting, and gardens, making it into a popular location for visiting tourists as well as a thriving element of the local community. Steven Bittel’s firm is now pursuing development of additional hotel and mixed-use retail space within Miracle Mile to further expand this bustling center and all that it offers to the community.
A native of Miami, Stephen Bittel founded Terranova Corporation in 1980. As the firm’s Chairman, he has overseen the firm’s growth over forty years into a leader in South Florida commercial real estate. Today, Terranova offers a diverse array of real estate services to its clients, with a portfolio now exceeding one billion dollars in assets. Bittel has also served on the Boards of the Chapman Partnership, Jackson Memorial Hospital Foundation, and the Miami-Dade Expressway Authority, and served as Trustee member for the Greater Miami Chamber of Commerce, United Way of Miami-Dade, and Temple Beth Am. He is a graduate of Bowdoin College and the University of Miami School of Law.
Original source to learn more: https://www.stephenbittel.co/