Miami Beach’s Lincoln Theatre, which for a decade has been home to retailer H&M and earlier was the home of the New World Symphony for more than 22 years, has been sold to Robert Rivani for $37 million.
The Art Deco landmark at 551 Lincoln Road, constructed in 1935, was acquired at well below market value, a statement from Mr. Rivani said.
“This is one of the most iconic properties on Lincoln Road and has the potential to reignite the area as the cultural heartbeat of the city,” he said in a written statement. “Our continued investment in Miami Beach is a strategic commitment to its long-term future, and 551 Lincoln is a cornerstone of our vision to make Lincoln Road great again.”
The historically designated property spans 35,240 square feet and is 98% leased to H&M, Swatch, Chilli Beans, and Tapelia Spanish Cuisine. H&M occupies about 84% of the building. Swatch recently completed a full renovation and reopened in July.
Mr. Rivani is president of RIVANI, formerly Black Lion. The Lincoln Theatre purchase announcement this week followed the report that Playboy will relocate its global headquarters to the penthouse at RIVANI’s flagship project at 1691 Michigan Ave.
With ongoing development and anticipated zoning changes in and around Lincoln Road, demand for prime retail and hospitality locations in the area continues to rise, the company’s statement said.
The sale was brokered by JLL’s Danny Finkle and Evan Larh.
The last sale of the Lincoln Theatre in 2011 came as the New World Symphony lowered the curtain there to move onto its own nearby campus. At that time, the historic building was being transformed from a performance venue into a multilevel retail center as Lyle Stern, a retail veteran, along with a group of real estate investors teamed up to buy the site and an adjoining four-story office building.
The project to transform the Lincoln Theatre into a retail hub while restoring and preserving its historic attributes was presented to Miami Beach’s Historic Preservation Board and won its approval in October 2010. Despite some opponents who wanted the building to remain an artistic venue, the board gave the green light to the redevelopment.
The project included “restoring its historical elements,” Mr. Stern said at the time, “and the plan the board approved allows us to pay true homage to the history of the building.”
Preserving the historic entrance, including the lobby and mezzanine, was requested by the preservation board as part of its approval.
“The tenants we are sourcing are both US based and European based and are comfortable with a multi-level store floor plan,” Mr. Stern said at the time.
Lincoln Theatre served as the New World Symphony’s home for 22½ years, but for more than a decade the symphony was working to build a new home as it needed to embrace new technology for artistic and education programs, Howard Herring, symphony president and chief executive officer, said at the time.
“Some of the finest musicians are coming to us as part of this program. We needed a new facility,” Mr. Herring said. “In truth, this is about the mission and vision of the institutional transformation.”
The three-piece redevelopment included the New World Center, the symphony’s home; a 2.5-acre public park, and a 550-space city garage with retail on the ground level. The city hired Mr. Stern to handle leasing of the garage’s street-level retail space.
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