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

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Tibor Hollo’s company, , closed Tuesday on the purchase of 1101Brickelk Ave., which was owned by the now-defuncf Leviev Boymelgreen. The South Florida Business Journal first a deal was in the workein May. The developer announced the closwe of thepurchase Wednesday, but did not disclose the Hollo’s company did not get third-party financingt for the deal, according to a compangy statement. Hollo is planning to invest $12 millionj to renovate the pair of officew buildings onthe site. In addition to mechanical repairs and FECR plansnew retail, including spaces for a restaurant.
The physical makeover will includr upgrading the airconditioning system, generators, bathrooms, lobbies and landscaping. “We plan to significantlh invest in the beautification and renovation of 1101 Brickell to improve conditions for our current tenantds and to continue to attrac businesses interested in an attractive office buildingb in a prime locatiomn onBrickell Avenue,” Jerome Hollo, an FECR vice said in a statement. Leviev Boymelgreen had plannedr to redevelopthe site, which houseds a pair of modest office buildings, into a massiv e office and residential complex.
The city of Miami approvec a permit to builda 74-story, mixed-use projecf with 270,000 square feet of office, 30,000 squar e feet of retail and 650 residences. But, the partnershil dissolved in acrimony, with Leviev Boymelgreehn principal Lev Leviev eventually taking control of a portfoliop ofMiami properties, including 1101 The seller in Hollo’s deal was Africa-Israek Properties, Leviev’s company. The 1101 Brickell property houses a 35-year-old, 11-story office tower, renovated in the and a 19-story offices tower built in 1985.
Tentants includde the Ilingua language school, the Venezuelan and Argentine consulatews and Banco Industrial de Venezuela y Social de Venezuelaq sold the property to Leviev Boymelgreenin 2005. Real estats experts say Hollo likely will hold onto the 1101 Brickell site untik the market rebounds and existing projects already out of the grounare absorbed. There are three officw buildings under construction in the downtowhMiami area, two of which have yet to sign any