Brickell Site Sold For Mixeduse Development
Written by Jaime Levy on December 27, 2001
By Jaime Levy
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A New York company says its plans to buy a prime Brickell Avenue site for development have succeeded with its purchase of the land and building.
Despite reports that the deal was on hold, Gotham Partners of New York closed on 1060 Brickell Ave. on Friday, said President Bill Ackman. The site, which includes a three-story, commercial-residential building and a parking lot, is assessed by Miami-Dade County at more than $2.8 million. Only $1,000 of the value comes from the building.
Ivan Toro, a principal on the sellers’ side, declined to comment on the transaction or the price.
Mr. Ackman said his company, with the help of broker Granite Partners of New York, continues to seek a partner but is willing to move forward without one. The company is also searching for a developer for the project, he said.
The company intends to develop the 1.8-acre plot into two residential towers – 585 units altogether – and 25,000 square feet of ground-level retail space. The cost is estimated at $80 million.
The closing, dreaded by tenants frustrated by a series of eviction notices and delays, turned out to be less painful than expected. Several of the commercial tenants, including Giacomo restaurant and Camera Capers, were told they could stay as long as possible – until the building is razed on an as-yet-undetermined date.
"We did our best: As long as they work with us, we’ll work with them," Mr. Ackman said.
The word comes as a sort of relief to the tenants, some of whom continue to hunt for new locations. Giacomo owner Jacques Ardisson said he is pleased to be able to stay longer.
"It would be a shame to just vacate the property and let it stand for six months without doing anything," said Mr. Ardisson, who had been adamant about remaining on the property as long as possible. "It’s nice for the employees; it’s nice for us."
Maria Alfonse, owner of Brickell Gourmet, said she is grateful for the extension but thinks she may have found a new home nearby. She said she hopes to sign the new lease in three to six months.
Camera Capers owner Leon Wilson – who expected to permanently close when he thought he had to leave before the end of the year – said he remains undecided what he will do next.
"I don’t know what I’m going to do," he said. "With these people, one day it’s on and one day it’s off. I’m going to play it by ear, see what develops."