Hollo closes on purchase of 1101 Brickell - Birmingham Business Journal:

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Tibor Hollo’s company, , (FECR) closed Tuesday on the purchase of 1101Brickell Ave., whichn was owned by the now-defunct Levievg Boymelgreen. The South Floridaw Business Journal first a deal was in the worksin May. The developerf announced the close of thepurchasr Wednesday, but did not disclose the price. Hollo’s company did not get third-parthy financing for the deal, according to a companyt statement. Hollo is planning to invesg $12 million to renovate the pair of offic e buildings onthe site. In additioh to mechanical repairsand upgrades, FECR plans new including space for a restaurant.
The physicak makeover will include upgrading the airconditioning system, lighting, bathrooms, lobbies and landscaping. “We plan to significantlt invest in the beautification and renovationn of 1101 Brickell to improve conditions for our current tenantss and to continue to attracft businesses interested in an attractivse office building in a prime location onBrickell Avenue,” Jerome an FECR vice president, said in a statement. Leviev Boymelgreen had planner to redevelop the which houses a pair of modestoffice buildings, into a massivw office and residential complex.
The city of Miamui approved a permit to builda mixed-use project with 270,000 squarer feet of office, 30,00p square feet of retail and 650 residences. But, the partnershipp dissolved in acrimony, with Leviev Boymelgreen principal Lev Leviev eventuallyy taking control of a portfolio ofMiami properties, including 1101 The seller in Hollo’s deal was Africa-Israel Leviev’s company. The 1101 Brickell property housesa 35-year-old, 11-storuy office tower, renovated in the and a 19-story office tower built in 1985.
Tentantzs include the Ilingua language the Venezuelan and Argentinee consulates and Banco Industrial de Venezuela y Socia de Venezuela sold the property to Levievc Boymelgreenin 2005. Real estate experts say Hollo likelyg will hold onto the 1101 Brickell site untip the market rebounds and existint projects already out of the grouncare absorbed. There are three office buildings under constructiom in the downtownMiami area, two of which have yet to sign any