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Week of June 15, 2000 |
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Beber Silverstein buys home at edge of art district By Marilyn BowdenAdvertising and communications agency Beber Silverstein & Partners paid $1.3 million for a 52,000-square-foot site at 1721 NE Miami Ct. on the edge of the Art & Design District, brokers say. "They felt that they were better served by disposing of their existing facilities and relocating to a growth area," said Edie Laquer of Laquer Corporate Realty, who represented the agency in the transaction with Peter Andolina of Andolina Real Estate Corp. The property lies within an area designated by Miami's Downtown Development Authority as a media and entertainment district, says Patricia Allen, the authority's executive director. "This is one of Miami's best advertising companies," she said. "Their presence will give a real credibility to the area." At 53,254 square feet, Mr. Andolina said the two-story building on the new site is more than twice the size of Beber Silverstein's current office at 3361 SW Third Ave. The building, sold by The Brothers of the Good Shepherd, has long been vacant, he said, and is in disrepair. He said the agency also bought an 11,000-square-foot parcel across the street for $900,000 to be used for parking. "They already have their architects and engineers working on the rehab," Mr. Andolina said, "and they are excited about the potential." Ms. Laquer said the property is in both enterprise and empowerment zones. "We hope it will stimulate more interest in that area of town," she said. Director Jim Wagner said Beber Silverstein has applied for $4.6 million in tax-exempt bond financing through the Dade County Industrial Development Authority. Bryan Finnie, president of the Miami-Dade Empowerment Zone Trust, said he hasn't yet met with principals from Beber Silverstein but "we look forward to structuring it and getting it approved by the board sometime this summer. "Based on our initial review I'm very comfortable with it." Marie Gil, financial and public relations consultant for the trust, said the major incentive for locating within the zone would be the low-interest financing that it facilitates. Perks available to such companies include a deduction for cleanup costs incurred during environmental remediation, $37,000 off equipment expenses, federal tax credits and welfare-to-work credits. Because the area is also an enterprise zone, other benefits are available, Ms. Gil said. "Up to 100% of property taxes can be abated for a company moving into it and creating five or more jobs for a period of up to five years," she says. In its application for industrial development bond financing, Beber Silverstein reported plans to add 10 jobs within the year following completion of construction. The 28-year-old company now employs 72, its application states. Other benefits include a waiver of impact fees, a jobs tax credit of 15% for each new employee who resides in the zone, sales tax refunds and credits for corporate donations to community development, Ms. Gil said. When first contacted, principals from Beber Silverstein said they would talk about the project later in the day, but they were not subsequently available.
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