The Real Deal Miami

Redevelopment hopes up in MiMo District as Vagabond Motel preps for online auction

April 27, 2011 02:05PM

The fate of the Vagabond Motel, which is slated to be sold during an online auction next month, is once again in the hands of former owner David Lin, who recently won back control of the property from Eric Silverman’s Milano at Ocean Drive through a $4.5 million foreclosure lawsuit, according to Open Media Miami. The motel was last assessed at $2.9 million, and Lin will be allowed to set the minimum bid. If the motel doesn’t sell, Lin will remain in control, and it’s not yet clear what outcome he is angling for. But neighborhood organizations have been eyeing the property as key to spurring development in the MiMo District. “The Vagabond Motel is one of the most iconic of the MiMo motels, and has the potential to be a great destination in the neighborhood,” said Tim Scott, president of the MiMo Business Improvement Committee. ”I hope the Vagabond will soon have a new owner that has both the vision to redevelop the property in a historically-sensitive context, as well as the ability to make this a financially rewarding project for its investors.” [Open Media Miami via Miami Herald]