The New World Symphony, whose new home is under construction, will sell the historic Lincoln Theatre to investors who will convert into retail spaces in Miami Beach
A group of Miami Beach real estate investors will finalize their purchase of the Lincoln Theatre and have plans to convert the historic building into retail spaces in Miami Beach.
An affiliate of Savitar Realty Advisors of Miami Beach is buying the building from the New World Symphony, Architect Frank Gehry is in the process of constructing The New World Symphony’ new home. Details for the 38,000-square-foot Miami Beach real estate property on Lincoln Road Mall were not disclosed.
Clifford Stein is president and chief executive of Savitar Realty Advisors, a Miami Beach real estate investment and management company. Lyle Stern and Bruce Koniver of Koniver Stern Group are partnering with Stein on the deal and will handle the leasing of retail spaces in Miami Beach.
Stein said, ``Lincoln Road is one of the world's most unique retail areas and to have a major piece of property that is almost a half a block and has a landmark identity is very unusual. It's one of the only Miami Beach real estate properties that can give a tenant 20,000 square feet of Lincoln Road frontage.”
Until January 2011, the New World Symphony will continue to have concerts at the Lincoln Theatre and the earnings from the sale will be used by New World toward the construction of its new facility.
Stein's plans will preserve the architectural features of the historic building built in 1935 but will convert the four-floor building into three floors and eliminating the theater. With a potential opening in 2012 or 2013, the renovated theater will house as many as four commercial spaces for rent.
What made the building an attractive investment is the success of Lincoln Road as a major retail strip. Sources in the industry say many retailers on Lincoln Road still managed to grow their businesses, while most retail sales across the country declined in 2009 because of the recession. Some of the top tenants have more than $1,000 a square foot in sales.
With spaces larger than 5,000 square feet, a lack of space has made it difficult for larger tenants to find a suitable location.
Including a new parking garage and a park, the goal is to create a new city center.
Chairman of the New World Symphony Board of Trustees, Neisen Kasdin, said in a statement, ``Twenty-one years ago, the New World Symphony led the revival of Lincoln Road by choosing the Lincoln Theatre for its home,''. ``We anticipate the opening of our new iconic campus and the city's adjacent park and parking garage will have a profound impact on Miami Beach.''
Contributed by MLR Realty
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