Traded Media
June 9, 2025
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For more than three decades, Lyle Stern has been at the center of South Florida’s urban evolution. From building one of the region’s most respected leasing companies to championing cultural revitalization on Miami Beach’s Lincoln Road, Stern’s mark on the local real estate and hospitality scene is both expansive and enduring.
“I started by trying to bring retail services to my own community—Miami Beach—services we didn’t have access to,” Stern recalls. What began as a mission to fill local gaps quickly turned into a multi-market endeavor that stretched across Coral Gables, Miramar, Fort Lauderdale, and Kendall. Along the way, Stern built enduring relationships—with landlords, tenants, and partners. One of those connections led to a 31-year-long partnership with Bruce Conover, forming the highly regarded firm Conover Stern.
Today, Stern leads Vertical Real Estate, a brokerage born from a generational transition. “We had associates who had been with us for years looking for a path to partnership,” Stern explains. “So, it was the right time to transition into two distinct firms.” Now at the helm of Vertical, Stern and his partners continue to dominate the urban leasing scene, serving both landlords and tenants across Dade, Broward, and Palm Beach counties.
Bringing Global Hospitality Home
As South Florida’s culinary and retail markets have matured, so has Stern’s focus. “Our goal became to bring better quality retail and better food and dining to the market,” he says. With the influx of globally recognized hospitality brands—from New York to Dubai—Stern and his team act as both connectors and curators. “We maintain relationships with brokerage companies in major cities around the country and regularly travel to scout brands we believe would thrive here,” he adds.
South Florida’s unique demographics and international appeal make it fertile ground for diverse concepts. “It’s fairly democratized,” Stern notes. “Whether you’re a chef-driven fine dining operator or casual quick-serve, the consumer base here is incredibly well-traveled and sophisticated. It creates opportunity across the board.”
And despite media narratives that suggest volatility in Miami’s restaurant scene, Stern offers a data-backed rebuttal. “The idea that we’re facing a wave of restaurant failures is just false,” he says bluntly. “We’re looking for second-generation restaurant space all the time—and there’s hardly any to be found in a metro of over three million people. That’s the real story.”
Understanding Neighborhood DNA
When asked how Vertical matches tenants with neighborhoods, Stern is quick to clarify: “I’d love to say we’re master curators, but what we really do is provide a tremendous amount of information.” Instead of pushing a specific vision, Vertical takes a democratized approach, equipping tenants with comp data, performance benchmarks, and insights into surrounding development. “Not everybody belongs on Lincoln Road or in Wynwood,” Stern says. “Some might thrive in Coconut Grove or Aventura. It’s our responsibility to guide them thoughtfully.”
Emerging neighborhoods like Little River and Allapattah are already on Stern’s radar. “Little River is growing organically, with great curators like AJ Capital Partners,” he explains, citing the arrival of Sunny’s and the Macchialina concept. “Allapattah is becoming a cultural hub, thanks to anchors like the Rubell Museum and Jorge Perez’s gallery. Combine that with metro access and residential growth—it’s a real opportunity.”
Reimagining Lincoln Road
Stern’s leadership extends beyond brokerage into civic impact. As president of the Lincoln Road Business Improvement District (BID), he has been instrumental in reimagining the iconic pedestrian thoroughfare. “During COVID, we pivoted hard into culture,” he says, referencing art installations like the Botero exhibit and musical partnerships with New World Symphony. “Lincoln Road is public space—it’s owned by the city and the people. We want it to be a dynamic, sensory experience.”
One of Stern’s most innovative initiatives is a year-long retail pop-up program. “Previously, permits were only available for three months,” he explains. “Now, with a year-long option, local or regional retailers can test the market without a long-term lease. It’s try-before-you-buy—an onramp for emerging brands.”
Investment Outlook: Glass Half Full
As the conversation shifts toward South Florida’s investment climate, Stern dismisses notions of a cooling market. “If people like Robert Rivani are selling assets, it’s not because they’re exiting,” Stern clarifies. “It’s because there’s serious buyer demand and they’re reinvesting in even larger opportunities here.”
The flood of capital—from the Ritz-Carlton expansion to the Shore Club redevelopment—signals continued belief in the region’s value. “We’re seeing over $4.5 billion in luxury residential and hospitality investment from Lincoln Road up to the 30s on Collins. That’s transformational.”
While the Live Local Act—which incentivizes affordable housing in commercial zones—has stirred debate, Stern calls for nuance. “We need a pathway for new capital to flow into the Art Deco district. If we can’t renovate and responsibly densify, those neighborhoods stagnate. The challenge is finding the right balance.”
Advice to the Next Generation
For those entering the industry, Stern’s advice is simple but profound: be curious, be bold, and be humble. “Talk to as many people as you can who are on the path you admire. Learn from their wins—and especially from their mistakes,” he says. “And don’t be afraid to ask for help. This is a relationship business.”
Above all, he encourages a mindset of civic pride. “We live in a spectacular place. We should all act as ambassadors for our city. Optimism and enthusiasm aren’t just good for business—they’re good for the community.”
