STEPHEN BITTEL ANNOUNCES NEW CHEESECAKE FACTORY LEASE ON MIAMI BEACH'S ICONIC LINCOLN ROAD

Rhea-AI Summary

Terranova Corporation announced that The Cheesecake Factory (NASDAQ: CAKE) has signed a lease for a new location at 600 Lincoln Road, Miami Beach, set to open in Fall 2022. The restaurant will occupy 7,000 SF and hire over 200 local staff. Chairman Stephen Bittel highlighted the lease as a testament to the company's commitment to enhancing the community, amidst a strong local economy. The Cheesecake Factory aims to provide memorable dining experiences for residents and tourists. Terranova's successful tenant strategy on Lincoln Road continues to attract notable brands, supporting community growth.

Positive

• The Cheesecake Factory signed a lease for a new location, indicating business expansion.
• The restaurant will create over 200 local jobs, boosting the Miami Beach economy.
• Terranova continues to attract prominent tenants, enhancing its portfolio and community value.

Negative

• None.

MIAMI BEACH, Fla., March 1, 2022 /PRNewswire/ -- Further evidencing the company's long-standing commitment to bring strong tenants that enhance the community, Terranova Corporation Chairman Stephen Bittel today announced that The Cheesecake Factory® (NASDAQ: CAKE) has signed a lease for a prominent corner space at 600 Lincoln Road in Miami Beach. The popular national brand, which will invest in a custom buildout of the approximately 7,000 SF space in the iconic district, plans to open its doors Fall 2022 at the space previously occupied by Sushi Samba.

Plans call for hiring more than 200 staff members from the local community.

"We are proud to welcome The Cheesecake Factory to Lincoln Road as part of our history of selecting tenants that bring value to Miami Beach and anyone who lives, works and plays in the city," Bittel said. "Looking ahead at 2022, the local economy is strong and positioned for continued growth. Terranova will continue to support these trends by bringing a dynamic array of tenants and innovative projects that maximize value for stakeholders, create jobs and economic opportunities, and build a better community for all."

Terranova, which has a leading position as the largest single property owner on Lincoln Road, has consistently secured a vibrant assortment of local and national tenants, including eateries, coffee shops, restaurants, and consumer-driven shops. The Cheesecake Factory location is surrounded by flagship stores from top worldwide retailers including H&M, which is across the street, and steps away from Zara, Sephora, the New World Symphony, Soundscape Park and Miami Beach Convention Center.

"The Cheesecake Factory is so pleased to be opening a restaurant on Lincoln Road, allowing us to serve Miami Beach residents, tourists and visitors alike," said David Overton, Founder, Chairman and Chief Executive Officer of The Cheesecake Factory Incorporated. "Since opening our first restaurant in Beverly Hills more than 40 years ago, The Cheesecake Factory has become known for creating delicious, memorable experiences for millions of guests around the country, and we look forward to serving guests in Miami Beach."

The Cheesecake Factory lease is the most recent demonstration of Terranova's commitment to Lincoln Road. A range of examples highlighting the depth and breadth of its impact include:

• Terranova created the Lincoln Eatery, noted as Miami Beach's first food hall and recently awarded Best Food Hall by the Miami New Times, building a sense of community in the heart of Lincoln Road. The Lincoln Eatery, a project conceptualized and spearheaded by Terranova President Mindy McIlroy, brings together 16 fast-casual, artisan, and grab-and-go concepts for locals, foodies, tourists, and anyone seeking a place to eat, drink and relax in the city.
• McIlroy conceptualized the Lincoln Road Pop-up Program to bring excitement and diversity to Lincoln Road retail. Most of the pop-up shops are renewing for longer-term leases and expanding into larger spaces, creating new opportunities for jobs and economic growth.
• Bittel spearheaded the planting of 1,000 orchids within the trees along Lincoln Road, which has served to beautify the area and engage the community in celebration of a key asset: native Florida plants. The orchids, which more than a century ago blanketed oak and mahogany trees throughout South Florida, were attached to existing trees along Lincoln Road as part of Fairchild Tropical Botanic Garden's "The Million Orchid Project."
• Bittel co-founded the Lincoln Road Property Owners Association, which later became the Lincoln Road Business Improvement District, for which she currently serves as a board member. McIlroy has spearheaded a plethora of impactful initiatives that activated, beautified and elevated the national positioning of Lincoln Road as a go-to destination among visitors and tenants for shopping, dining and entertainment.
   

ABOUT TERRANOVA CORPORATION
Terranova Corporation, South Florida's leading commercial real estate firm, is involved with nearly $1 billion in commercial real estate assets. Terranova's comprehensive array of services include high street retail, leasing and property management and acquisitions/joint ventures. Services are offered to a select group of partners who count on the company to maximize the value of their real estate. More information is available at terranovacorp.com

ABOUT THE CHEESECAKE FACTORY INCORPORATED
The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people – this defines who we are and where we are going. We currently own and operate 306 restaurants throughout the United States and Canada under brands including The Cheesecake Factory®, North Italia® and a collection within our Fox Restaurant Concepts business. Internationally, 29 The Cheesecake Factory® restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2021, we were named to the FORTUNE Magazine "100 Best Companies to Work For®" list for the eighth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.

From FORTUNE. ©2021 Fortune Media IP Limited. FORTUNE 100 Best Companies to Work For is a trademark of Fortune Media IP Limited and is used under license. FORTUNE and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Licensee.

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SOURCE Terranova Corporation

FAQ

What is the significance of The Cheesecake Factory lease on Lincoln Road?

The Cheesecake Factory's lease at 600 Lincoln Road enhances Terranova's tenant portfolio and is expected to create over 200 jobs in the local community.

When will The Cheesecake Factory open its new location in Miami Beach?

The Cheesecake Factory plans to open its new restaurant in Fall 2022.

How large is the new Cheesecake Factory location?

The new Cheesecake Factory location will occupy approximately 7,000 square feet.

Who is the chairman of Terranova Corporation?

The chairman of Terranova Corporation is Stephen Bittel.

What impact might the Cheesecake Factory lease have on CAKE stock?

This lease could positively impact CAKE stock by demonstrating growth and expansion through new locations, appealing to investors.