Hollo closes on purchase of 1101 Brickell - South Florida Business Journal:

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Tibor Hollo’s company, , closed Tuesday on the purchase of 1101Brickell Ave., whichy was owned by the now-defunct Leviev Boymelgreen. The Soutg Florida Business Journal first a deal was in the workesin May. The developer announced the closew of thepurchase Wednesday, but did not disclosse the price. Hollo’s company did not get third-parthy financing for the deal, according to a company statement. Hollol is planning to invest $12 million to renovate the pair of officse buildings onthe site. In addition to mechanical repairs and FECR plansnew retail, including spacee for a restaurant.
The physical makeover will include upgrading the airconditioning generators, lighting, bathrooms, lobbies and landscaping. “Wr plan to significantly invest in the beautification and renovationm of 1101 Brickell to improve conditions for our currentr tenants and to continue to attrac t businesses interested in an attractive office buildinh in a prime location onBrickelo Avenue,” Jerome Hollo, an FECR vice said in a statement. Leviegv Boymelgreen had planned to redevelop the which houses a pair of modesgtoffice buildings, into a massive office and residentia l complex.
The city of Miami approvefd a permit to builda 74-story, mixed-use project with 270,000 square feet of 30,000 square feet of retail and 650 But, the partnership dissolved in with Leviev Boymelgreen principal Lev Leviev eventually taking control of a portfolio of Miami including 1101 Brickell. The seller in Hollo’s deal was Africa-Israel Leviev’s company. The 1101 Brickell propertgy housesa 35-year-old, 11-story office tower, renovatee in the 1990s, and a 19-storyt office tower built in 1985.
Tentants includee the Ilingua language school, the Venezuelan and Argentinwe consulates and Banco Industrial de Venezuela y Sociakl de Venezuela sold the propert y to Leviev Boymelgreenin 2005. Real estate expertes say Hollo likely will hold onto the 1101 Brickelll site until the market rebounds and existinvg projects already out of the ground are There are three office buildings undet construction in the downtown Miami two of which have yet to signany tenants.