Terranova Brings Ice Cream Hotspot Salt & Straw To Lincoln Road in Miami Beach

Terranova Corporation, a leading commercial real estate firm, and Chairman Stephen Bittel have brought the highly anticipated arrival of Salt & Straw, the beloved ice cream brand from Portland, Oregon, to Lincoln Road. Opening its doors on September 1st, Salt & Straw has signed a seven-year lease for a prime location at 749 Lincoln Road, occupying 1,525 square feet. This exciting addition marks Salt & Straw's third Miami location, following successful openings in Wynwood and Coconut Grove, as well as their presence in Oregon, Washington, Las Vegas, Los Angeles, San Diego, San Francisco and more.

Terranova, which currently owns seven properties on Lincoln Road spanning over 137,411 square feet, recognizes the significance of introducing new national restaurants to South Florida, specifically to the vibrant district of Lincoln Road. Salt & Straw's presence will diversify the area, complementing its sweet treats with a unique dining experience.

"We are thrilled to announce the grand opening of Salt & Straw on Lincoln Road," said Mindy McIlroy, President of Terranova, the property's representative in the negotiations. "As a renowned destination for restaurants and retail, Lincoln Road stands among the most popular districts in the country. Our core focus is to enhance the district by introducing a range of unique and beloved establishments. Salt & Straw, with its dedication to community engagement and philanthropy, is an ideal addition that perfectly aligns with our current tenants. We believe that the arrival of Salt & Straw will attract a wave of customers and add significant value to the dynamic dining community on Lincoln Road."

Salt & Straw's journey began in 2011 as a humble ice cream cart in Portland's Alberta Arts District. Beyond being just an ice cream store, Salt & Straw strives to foster a sense of community by becoming an integral part of the neighborhoods they serve. Through their menu, they shed light on important issues and emphasize the value of exceptional hospitality.

"We couldn't be more thrilled to open our doors on the iconic Lincoln Road," enthused Kim Malek, Founder and CEO of Salt & Straw. "Becoming part of the dynamic community of local restaurants and shops that have made Lincoln Road their home fills us with immense excitement. The continuous investments in art, music, collectibles, and inviting park-like spaces to enhance the area are truly inspiring. Our mission is to offer visitors an unparalleled taste adventure, creating cherished moments that will endure in the hearts of the community for years to come. We are eagerly anticipating the opportunity to serve the Lincoln Road community and to create unforgettable memories together."

The addition of Salt & Straw to the vibrant landscape of Lincoln Road represents a milestone in the ongoing evolution of South Florida's culinary scene. Terranova Corporation, with its deep appreciation for the district's allure and potential, is dedicated to curating a tapestry of extraordinary establishments that captivate visitors and locals alike. Salt & Straw's presence, driven by their unwavering commitment to community engagement and philanthropy, will undoubtedly elevate the dining experience on Lincoln Road.

Images via Terranova

East End Capital & Related Group Secure $136 Million In Refinancing For Wynwood 25 & Wynwood Annex

Partners East End Capital and The Related Group closed on $136 million in financing for its a master-planned, mixed-use developments Wynwood 25 and Wynwood Annex. The financing was provided by Blackstone Real Estate Debt Strategies and is being used to fully satisfy the construction loans for both projects and return equity to the partners. Completed in June 2019, the nine-story building is already nearly 90% leased.

“This financing is a significant milestone for Wynwood 25 and the Annex as it officially marks the completion of these pioneering Wywnood developments,” said Jonathon Yormak, of East End Capital. “We thank our partners for their support.”

Approximately $110 million of the loan was used for Wynwood 25, Wynwood’s first purpose-built, rental community, which adds 289 rental units ranging from 400 SF studios to three-bedroom apartments to the market. Designed by architect Kobi Karp, with interiors by Meshberg Group, Wynwood 25 features amenities such as a 24/7 concierge, valet parking, electric car charging stations, pet grooming spa, rooftop lounge and kitchen, library with co-working space, state-of-the-art fitness room with virtual spinning studio, and a heated resort-style pool with a sunbathing deck area that looks down on the world-famous Wynwood Walls. Wynwood 25 also features 28,518 SF of retail space, featuring ice cream shop, Salt & Straw, and acclaimed Austin-based Japanese powerhouse, Uchi, expecting to open in the Spring 2020.

“Wynwood 25 and the Annex ushered in a new era for Miami’s most popular neighborhood, and the response from renters, tenants and the Wynwood community has been overwhelmingly positive,” said Jon Paul Perez, executive vice president for Related. “We look forward to continuing to bring these kinds of thoughtfully designed properties to Wynwood as it grows and evolves.”

Nearly $26 million of the refinancing loan was utilized for The Wynwood Annex, the second component of the mixed-use development. The Annex is a 60,000 SF, Class-A office building, geared towards TAMI tenants, such as Live Nation, that has already moved into its full floor space at the building. The Annex boasts loft-like office space with soaring ceilings and private outdoor space, individually sized floor plans, and on-site parking. Other features include a 4,429 SF ground-floor retail component as well as a communal rooftop terrace with outdoor seating.

Apartment leasing at Wynwood 25 is being managed by The Related Group. Retail leasing at Wynwood 25 and Wynwood Annex is being handled by Richard Skulnik at RIPCO. Office leasing at Wynwood Annex is led by the team of Gordon Messinger and Ericka Witkowski of Cushman & Wakefield.