By Coral Gables Gazette staff
Terranova Corporation, the largest landlord on Coral Gables’ Miracle Mile, has executed 17 new leases and one expansion totaling 96,791 square feet and more than $56 million in rent over the life of the agreements — a leasing pace that city officials and real estate observers say reflects a broader shift in South Florida’s commercial real estate market toward Coral Gables as a premier mixed-use destination.
The deals, completed over five months beginning in November 2025, span nine properties on and around Miracle Mile and Alhambra Circle and include a cross-section of restaurant, financial services, wellness, and flexible office tenants. Together they represent what Terranova’s leadership describes as a deliberate effort to reposition the corridor as an all-day destination capable of competing with Brickell and Miami Beach at a fraction of the cost.
The market conditions driving the activity
The leasing surge reflects a pricing dynamic that has made Coral Gables increasingly attractive to tenants priced out of Miami’s coastal submarkets. Average office rents in Miami Beach hit $113 per square foot in the first quarter of 2026, according to Savills, while Brickell averaged $90 per square foot. Coral Gables averaged $62 per square foot — a gap wide enough to attract tenants who want proximity to Miami’s business core without its rental premium.
Terranova anticipated the shift. The firm acquired the 13-story, 240,719-square-foot Class A office building at 255 Alhambra Circle for $54.4 million in 2023 in a partnership with Torose Equities and LNDMRK Development, then took over the adjacent five-story 299 Alhambra Circle building by purchasing its distressed debt in 2024 and foreclosing. Terranova’s asking office rents at 255 Alhambra run approximately $73 per square foot gross, with retail asking rates ranging from $65 to $95 per square foot on Miracle Mile.
“Our investment thesis was, as downtown filled up and rental rates soared, we thought there was an opportunity,” said Stephen Bittel, Terranova’s founder and chairman. “That has been borne out in the leasing throughout the market in the last two years.”
Bittel also pointed to a structural characteristic that distinguishes Coral Gables from Miami’s tourism-dependent corridors. “Coral Gables is one of the few markets really driven by local patronage versus tourism,” he said. “It’s a very secure and dependable base to support these tenants.”
The anchor deals
The three largest transactions account for nearly half the total square footage and signal the range of demand the corridor is attracting.
Industrious, the flexible workplace provider owned by CBRE, leased 22,693 square feet at 255 Alhambra Circle for its first Coral Gables location — the largest single deal in the package and a sign that the co-working sector, which retreated nationally after 2020, sees renewed demand in suburban office submarkets.
Moxie’s, a Canadian upscale casual dining brand with more than 60 locations, leased 18,787 square feet at 93 Miracle Mile for what will be its fourth Florida location, following Brickell, Fort Lauderdale, and West Palm Beach. The deal is structured as a land lease — Moxie’s will demolish the existing building and construct a new one, with opening expected approximately one year from now.
Wells Fargo leased 5,900 square feet at 200 Miracle Mile, adding to what Terranova describes as a growing concentration of wealth management and financial services tenants along the corridor. Edward Jones leased 5,728 square feet at 255 Alhambra, and Janney Montgomery Scott took 2,247 square feet at the same address.
The full roster
Beyond the anchor deals, the leasing activity at 255 Alhambra Circle includes Driftwood Capital, a hospitality-focused real estate firm, which expanded its existing footprint from 13,900 to 18,529 square feet; UMusic Hospitality and Lifestyle, a global hospitality company backed by Universal Music Group, which leased 3,369 square feet; Lifestyle Realty, a luxury residential brokerage, which took 2,495 square feet; and PayCargo, a logistics payments platform, which leased 1,721 square feet.
At 299 Alhambra Circle, four tenants signed leases: Mitch’s Downtown Bagel Cafe, a New York-style deli concept, leased 2,096 square feet; Aram Wellness, a holistic wellness brand, took 2,354 square feet; cosmetic dentistry office Dr. Marta Gainza leased 1,009 square feet; and GovRecover, a tech-enabled asset recovery service, leased 1,037 square feet.
On Miracle Mile itself, additional tenants include Chewy Vet Clinic, a modern veterinary care concept backed by the pet retail company Chewy, at 212 Miracle Mile; Simka Semch, a Peruvian luxury fashion brand, at 330 Miracle Mile; Fuku Miami, a fast-casual fried chicken concept from Momofuku founder David Chang, which has already opened at 135 Miracle Mile; Linen Drama, a luxury home linen brand, at 216 Miracle Mile; and Fernandez & Associates, a court reporting firm, at 220 Miracle Mile.
What the activity signals
Mindy McIlroy, president of Terranova Corporation, framed the leasing velocity as evidence of a corridor in transition. “There’s a clear reason leading brands are choosing to establish a presence here,” she said. “It speaks to the strength, momentum, and long-term vision of the area.”
The concentration of financial services tenants — Wells Fargo, Edward Jones, Janney Montgomery Scott, and Driftwood Capital among them — reflects Coral Gables’ longstanding role as a wealth management hub and suggests that sector’s expansion is accelerating rather than plateauing. The addition of experiential and dining tenants alongside office users points to the all-day activation model that urban planners and retail landlords have identified as the most durable format for high street retail in the current environment.
Terranova has indicated it will continue curating the tenant mix on Miracle Mile with that model in mind. The firm’s chairman and president have made themselves available for additional comment on their vision for the corridor’s next phase.
This Post Has 8 Comments
Thank you all for your efforts but the basic issue still remains. Almost all of the new tenants are service businesses. Few retail business which generates foot traffic and excitement. You can lease all you want but their longevity is the barometer. Miracle Mile use to be a shopping mecca. With congestion, traffic and lack of easy street parking, it has lost its way. WOMEN DO NOT PARK IN GARAGES by themselves. We say it over and over to deaf ears. They will not park and walk a block or more to buy a quick gift or new outfit. You reconfigured street parking with losses which did not make sense. Parking is too expensive. For the businesses. rent is too high and your business licenses and fees are higher than surrounding areas. We applaud your success in signing new leases but would applaud you more if they were businesses that we there to stay and flourish instead of ” here today and gone tomorrow”. Fix the issues within the City, but that would mean the leadership would have to listen to us, and that will never happen.
I fully agree with the note written above. I think the City Commission just does not listen … maybe because they just don’t understand. Retail stores bring people … not corporate businesses. Sure, you get space rented but, that means nothing to the average person looking for a shops and restaurants. The City does NOTHING to help the local business survive on the Mile … NOTHING. You’ve got to ask yourself is it time to replace members of the Commission with people who will think out of the box and are willing to try new things to bring foot traffic to the Mile
If only… there were a special world class level retailer on the mile… one that draws people constantly to purchase items of real value consistently… like an Apple Store.
Retail is evolving in many areas as consumer habits change. Retailers across the globe competing for smaller and smaller slices of attention from consumers. The key shift is at the point of purchase. While previous seasons saw customers testing out products in store before finding the best price on Amazon, the retail market is now seeing a shift in the opposite direction — comparison shopping online and buying in store.
Using technology to identify and truly understand the consumer is a sophisticated approach to modern retailing. Who among our current retailers is making an effort to modernize their retail identity and methodology in ways that predict consumer proclivities?
Well… Apple for one, is an example of a company that takes a modern, world class approach to understanding their consumer. If our retail commercial property owners are not effectively attracting truly modern retailers, what hope is there for the future of Miracle Mile?
And seriously, how is this an issue that can be blamed on city commissioners?
Great for the office market but a no-brainer. But it still means More restaurants, banks, and service businesses. And you still can’t buy a pair of shoes or a dress (not bridal) on Miracle Mile. The shopping street.
Let’s be real. Most elected officials are nowhere to be seen on Miracle Mile. The only one consistently showing up is Commissioner Castro. She recently brought over 100 residents, families, and their dogs to the Mile. That’s real activation, not talk.
You can definitely see the impact of the work TerraNova is putting into Miracle Mile. That kind of focus and investment is needed, and it’s appreciated.
At the same time, the only elected official I consistently see out there supporting those efforts is Commissioner Castro. She’s brought real foot traffic with community events, pushed for resident parking discounts, and has been advocating to bring the umbrellas back on Giralda to support those businesses too.
It would make a big difference if more of our elected officials showed up and worked alongside these efforts.
And don’t forget the CG Chamber of Commerce … just a bunch of self-aggrandizing people who think they’re all that and do nothing for the city … and now led by the ultimate blow-hard.
Given all these new leases for financial services and fintech platforms like PayCargo and various wealth management firms mentioned in the article, does anyone know if the City Commission is also looking into international digital finance or entertainment operators lately? I’ve been reading about the expansion of entities like https://GuiadeJugaBetPeru.com into new markets for 2026, and since Coral Gables is positioning itself as a high-end business hub, I wonder if we should expect more of these tech-heavy service tenants instead of the traditional retail shops everyone here seems to miss?