Hollo closes on purchase of 1101 Brickell - Business First of Louisville:

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Tibor Hollo’s company, , closed Tuesday on the purchase of 1101 Brickell which was owned bythe now-defunct Leviev The South Florida Business Journal firsf a deal was in the works in May. The develope r announced the close of thepurchase Wednesday, but did not discloser the price. Hollo’s company did not get third-parthy financing for the according to acompany statement. Hollio is planning to invesg $12 million to renovate the pair of office buildings on the In addition to mechanical repairdand upgrades, FECR plans new retail, includin space for a The physical makeover will include upgradingy the air conditioning system, generators, bathrooms, lobbies and “We plan to significantly invest in the beautificatio n and renovation of 1101 Brickelkl to improve conditions for our current tenants and to continue to attract businessed interested in an attractive office building in a pr ime locatiom on Brickell Avenue,” Jerome Hollo, an FECR vice said in a statement.
Leviebv Boymelgreen had planned to redeveloppthe site, which houses a pair of modest office buildings, into a massive offics and residential complex. The city of Miami approveds a permit to builda mixed-use project with 270,000 squar feet of office, 30,000 square feet of retail and 650 But, the partnership dissolved in with Leviev Boymelgreen principal Lev Levief eventually taking control of a portfolio of Miami including 1101 Brickell. The seller in Hollo’a deal was Africa-Israel Leviev’s company. The 1101 Brickell propertyu housesa 35-year-old, 11-story office tower, renovatex in the 1990s, and a 19-stort office tower built in 1985.
Tentantsd include the Ilingua language the Venezuelan and Argentine consulates and Banco Industrial de Venezuela y Social de Venezuelaa sold the property to Leviev Boymelgreenhin 2005. Real estate experts say Hollo likely will hold onto the 1101 Brickelo site until the marke t rebounds and existing projects already out of the grounxdare absorbed. There are three office buildings under constructiomn in the downtownMiami area, two of which have yet to sign any