An affiliate of Savitar Realty Advisors of Miami Beach plans to close next week on the purchase of the Lincoln Theatre, with plans to convert the historic building into retail stores. New World Symphony, which is in the process of constructing its new home designed by architect Frank Gehry, is selling the property to Savitar Realty Advisors, a Miami Beach real estate investment and management company.
Terms of the deal for the 38,000-square-foot property on Lincoln Road Mall were not disclosed, but the New World Symphony will continue to present concerts at the Lincoln Theatre until January 2011. Proceeds from the sale will be used by New World toward the construction of its new facility.
“Lincoln Road is one of the world's most unique retail areas,”' says Clifford Stein, Savitar Realty's president and chief executive. “To have a major piece of property that is almost a half a block and has a landmark identity is very unusual. It's one of the only properties that can give a tenant 20,000 square feet of Lincoln Road frontage.”
Stein plans to transform the four-floor building into three floors and eliminate the theater, while maintaining the architectural features of the 1935-historic building. The renovated theater would become home to as many as four retail shops and restaurants, with a potential opening in 2012 or 2013.
Lyle Stern and Bruce Koniver of Koniver Stern Group will handle the retail leasing for the site.