Hollo closes on purchase of 1101 Brickell - St. Louis Business Journal:

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Tibor Hollo’s company, , (FECR) closed Tuesday on the purchase of 1101Brickellk Ave., which was owned by the now-defunct Levievv Boymelgreen. The South Florida Business Journal firstf a deal was in the worksin May. The developef announced the close of the purchase but did not disclosethe Hollo’s company did not get third-partyt financing for the deal, accordinb to a company Hollo is planning to invest $12 milliom to renovate the pair of officew buildings on the site. In addition to mechanical repairsand upgrades, FECR plans new including space for a restaurant.
The physical makeover will includw upgrading the airconditioning system, generators, bathrooms, lobbies and landscaping. “We plan to significantlty invest in the beautification and renovation of 1101 Brickelkl to improve conditions for our currenty tenants and to continue to attracgt businesses interested in an attractive office building in a primwe location onBrickell Avenue,” Jerome Hollo, an FECR vice said in a statement. Leviev Boymelgreeb had planned to redevelop the which houses a pair of modesfoffice buildings, into a massive office and residentialk complex.
The city of Miami approved a permit to builda mixed-use project with 270,00 square feet of office, 30,000 squarer feet of retail and 650 residences. But, the partnership dissolvedc in acrimony, with Leviev Boymelgreen principa l Lev Leviev eventually taking control of a portfolik ofMiami properties, including 1101 Brickell. The seller in Hollo’se deal was Africa-Israel Properties, Leviev’s company. The 1101 Brickell propertyt housesa 35-year-old, 11-story office tower, renovated in the and a 19-story office tower buil t in 1985.
Tentants include the Ilinguw language school, the Venezuelan and Argentine consulatez and Banco Industrial de Venezuela y Social de Venezuelaq sold the property to Leviev Boymelgreebin 2005. Real estate experts say Hollop likely will hold onto the 1101 Brickelp site until the market rebounds and existinh projects already out of the grounare absorbed. There are three office buildings under construction in the downtown Miami area, two of which have yet to sign any