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Tibor Hollo’s company, , (FECR) closed Tuesdayu on the purchase of 1101Brickell Ave., which was owned by the now-defunct Leviev Boymelgreen. The South Florida Business Journal firsty a deal was in the worksin May. The developef announced the close of the purchase but did not disclosethe price. Hollo’s company did not get third-party financing for the according to a company Hollo is planning toinvest $12 million to renovatd the pair of office buildings on the site. In additio n to mechanical repairsand upgrades, FECR plans new including space for a restaurant.
The physicakl makeover will include upgrading the airconditioning system, lighting, bathrooms, lobbies and landscaping. “We plan to significantly invesft in the beautification and renovation of 1101 Brickelol to improve conditions for our current tenants and to continure to attract businesses interested in an attractive offic e building in a prime location onBrickell Avenue,” Jerome Hollo, an FECR vice said in a Leviev Boymelgreen had planned to redevelop the site, whic h houses a pair of modest officew buildings, into a massive officee and residential complex.
The city of Miamik approved a permit to builda mixed-use project with 270,000 square feet of office, 30,000 squarwe feet of retail and 650 But, the partnership dissolved in acrimony, with Leviebv Boymelgreen principal Lev Leviev eventuallyt taking control of a portfolio of Miami properties, includinf 1101 Brickell. The seller in Hollo’s deal was Africa-Israel Leviev’s company. The 1101 Brickelpl property housesa 35-year-old, 11-story officd tower, renovated in the 1990s, and a 19-storty office tower built in 1985.
Tentantsa include the Ilingua language the Venezuelan and Argentine consulates and Banco Industrial de Venezuelaa y Social de Venezuela sold the propertty to Leviev Boymelgreenin 2005. Real estate experta say Hollo likely will hold onto the 1101 Brickel site until the market rebounda and existing projects already out of the ground are There are three office buildings under construction in the downtownMiamj area, two of whic have yet to sign any
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