Developer leases land to Miami for $1

Developer Tibor Hollo, chairman and president of Florida East Coast
Realty, has offered to lease a 2-acre waterfront parcel in Brickell to
the city of Miami for $1 per year. The city will create a temporary
park, Hollo Park, on the land at 1201 Brickell Bay Drive. Hollo said he
has no plans to develop the site, on which he’d planned to put a luxury
hotel and condo, for several years and is happy to lease the land to
the city until the real estate and credit markets improve. It was
unclear why Hollo is charging the city only $1 to rent the land, but
Hollo did say he wanted Miami residents to have green space.