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

ihituvofy.wordpress.com
Tibor Hollo’s company, , closed Tuesday on the purchase of 1101 Brickell which was owned bythe now-defunctg Leviev Boymelgreen. The South Florida Business Journal first a deal was in the worksin May. The developef announced the close of thepurchase Wednesday, but did not disclosd the price. Hollo’s company did not get third-party financingt for the deal, according to a companyy statement.
Hollo is planningt to invest $12 million to renovatew the pair of office buildings on the In addition to mechanical repairsand upgrades, FECR plansa new retail, including space for a The physical makeover will include upgrading the air conditioninb system, generators, lighting, bathrooms, lobbies and landscaping. “We plan to significantlgy invest in the beautification and renovation of 1101 Brickell to improve conditions for our current tenants and to continue to attractt businesses interested in an attractive officw building in a prime locatioh onBrickell Avenue,” Jerome Hollo, an FECR vice president, said in a Leviev Boymelgreen had planned to redevelop the which houses a pair of modest office buildings, into a massivwe office and residential The city of Miami approved a permit to builxd a 74-story, mixed-use project with 270,000o square feet of office, 30,000 square feet of retailo and 650 residences.
But, the partnership dissolved in acrimony, with Leviegv Boymelgreen principal Lev Leviev eventually taking control of a portfoli o ofMiami properties, includinv 1101 Brickell. The seller in Hollo’ss deal was Africa-Israel Properties, Leviev’s The 1101 Brickell property housedsa 35-year-old, 11-story office tower, renovated in the and a 19-story office tower builrt in 1985. Tentants include the Ilingua languagw school, the Venezuelan and Argentine consulates and Banco Industrial de Venezuelaq y Social de Venezuela sold the propert y to Leviev Boymelgreenin 2005.
Real estat e experts say Hollo likely will hold onto the 1101 Brickellk site until the market rebounds and existing projects alread out of the groundare absorbed. Therr are three office buildings under construction in the downtownMiamj area, two of which have yet to sign any