Miami’s Bacardi Building sells; Frank Gehry to redesign into arts park

The historic Bacardi Building in Miami has been sold, and starchitect Frank Gehry will be redesigning the property into an arts park for new owner National YoungArts Foundation. The property, which is being transferred in a ceremony Wednesday, will retain its “jewel box” buildings, however. Bacardi did not reveal the terms of the deal, but said the transaction had been conducted at a “significant reduction of its market value, ensuring that an important part of Miami’s architecture, social and cultural fabric will be preserved and honored.” — Alexander Britell