The Real Deal Miami

Investors tinker with Poinciana plans

May 20, 2008 10:31AM

A consortium of buyers that has warded off landmarking of the Royal Poinciana Plaza and the Playhouse promises to have a new plan for the 12-acre parcel by November. Last week, developers Brian Kosoy and Lee Munder dropped a court challenge of a judge’s ruling that the Playhouse is protected for use as a theater by a 1979 property use agreement. The judge also said that the agreement prohibits demolition of the theater. The investors oppose landmark status for the Playhouse, which has been closed since 2004, but said they are open to new uses for the 50-year-old, 878-seat theater.