In early 1980, there was a major recession called the “double-dip” or “W-shaped” recession. During this tenure majority of businesses suffered undercapitalization and deleterious net worth. During this unforgettable recession, the housing market was significantly crushed under the depreciating weight of mortgage rates of between 17 to 18 percent. In the middle of the recession, Terranova Corporation was born. However, through the immense knowledge of Stephen Bittel, the company was able to withstand the effects of the recession. Bittel steered the growth of the company by offering banks and insurance companies management services. These two entities had involuntarily become solid owners of commercialized real estate when their customers defaulted on loans.
In the early 1990s, there was also another recession. After the recession, there was a notable decade-long of vast economic growth. During this tenure, Terranova took advantage of the economic environment that helped the company to significantly grow its portfolio by buying strip malls and shopping centers in Miami-Dade County municipalities. At the peak of the business, Stephen Bittel had acquired almost 8 million square feet through his Terranova Corporation. Bittel had noticed that growing and young families were seeking affordable and extra spaces near suburban areas that came with increased demand for grocery stores, popular chains, and pharmacies that could be made easily accessible without them having to drive into town.
Other than his immense and significant contribution to his Terranova company, Bittel had also led the Greater Miami Jewish Federation Washington Mission in the years 2009 and 2010. He is also an enumerated supporter for Teach for America Miami(TFA) where currently serves on its Board. Bittel graduated with distinction from the famous Bowdoin College in the year 1978. He also graduated with a law degree from the prestigious and coveted university of Miami School of Law in the year 1982.
