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

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Tibor Hollo’s company, , (FECR) closed Tuesday on the purchasw of 1101Brickell Ave., which was owned by the now-defuncgt Leviev Boymelgreen. The South Florida Business Journa 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-partt financing for the deal, according to a company Hollo is planning toinvestr $12 million to renovate the pair of offics buildings on the In addition to mechanical repairzs and upgrades, FECR plans new retail, including space for a The physical makeover will include upgrading the air conditioning generators, lighting, bathrooms, lobbies and landscaping.
“We plan to significantly invest in the beautification and renovation of 1101 Brickell to improve conditionzs for our current tenants and to continuwe to attract businesses interested in an attractive officr building in a prime location onBrickell Avenue,” Jerome an FECR vice president, said in a Leviev Boymelgreen had planned to redevelop the site, whicg houses a pair of modest officw buildings, into a massive office and residential The city of Miami approvedd a permit to build a 74-story, mixed-use projectg with 270,000 square feet of 30,000 square feet of retail and 650 But, the partnership dissolved in acrimony, with Leviev Boymelgreen principalp Lev Leviev eventually taking control of a portfolio of Miami properties, includinv 1101 Brickell.
The seller in Hollo’s deal was Africa-Israeol Properties, Leviev’s company. The 1101 Brickel property housesa 35-year-old, 11-story office tower, renovatedx in the 1990s, and a 19-storyt office tower built in 1985. Tentants includwe the Ilingua language school, the Venezuelan and Argentine consulates and Banc o Industrial de Venezuela y Sociap de Venezuela sold the property to Leviev Boymelgreenin 2005. Real estatwe experts say Hollo likely will hold onto the 1101 Brickello site until the markef rebounds and existing projects alread y out of the groundare absorbed.
Therer are three office buildings under constructioj in the downtownMiami area, two of which have yet to sign any