The Real Deal Miami

Tenants fear rent hikes, eviction in Poinciana Plaza

June 02, 2008 04:05PM

Tenants allege that a group of investors who took control over the Royal Poinciana Plaza in Palm Beach say the new landlords are issuing massive rent hikes and threatening eviction for some businesses. Most of the leases between the plaza and tenants contain a clause enabling the landlord to send them out with 60 days’ notice. He claimed most tenants didn’t know about that lease provision, inserted by prior owner Sidney Spiegel. Kosoy said rent increases will range from 15 percent to 100 percent as leases expire and are renegotiated, to better reflect area rates. The new owners wish to turn the plaza into a more viable high-end retail destination with pedestrian traffic, and move the office tenants to the second floor.