Historic Lincoln Theatre in Miami Beach to become retail mall

Miami Beach’s historic Lincoln Theatre, is slated for conversion to a retail mall under new ownership. The New World Symphony is selling its 38,000-square-foot building for an undisclosed amount to a group of local investors; the proceeds of the sale will go toward the construction of its new Frank Gehry-designed home directly behind the theater. The buyer, an affiliate of Savitar Realty Advisors, plans to make room for up to four retail shops and restaurants by doing away with the theater space and the top floor of the four-story property, built in 1935. The original architectural features of the new mall would be preserved, with an opening date during 2012 or 2013. The site would provide an opportunity for retailers to obtain spaces of larger than 5,000 square feet on the major retail corridor that is Lincoln Road, which have been scarce up to now. [Miami Herald]