H&M leases in Miami Beach’s Lincoln Theater
Miami Beach’s Lincoln Theater has inked its first retail tenant as it prepares for a second life as a multi-level shopping center after existing as a theater since 1935. Miami Today reported that H&M will take some of the 35,000 square feet of space at the theater for its first Miami location, and will be one of three or four stories in the space at 541 Lincoln Road in Miami Beach.
The new owners, Savitar Realty Advisors, purchased the historic theater in February 2010, and secured approval for the retail redevelopment after the New World Symphony left for a Frank Gehry-designed center.
The owners, which include Lyle Stern, president of retail real estate leasing firm Koniver Stern Group, said they were focused on inking the right tenant rather than leasing up the space quickly – especially considering the location of the site along one of Miami Beach’s most high-profile thoroughfares. [Miami Today]