The site of Miami’s oldest speakeasy, Tobacco Road, was purchased in April by an anonymous investor and given a mere three year lease, the Miami Herald reported. The bar was acquired with its surrounding property, which includes another bar and a parking lot totaling some 49,950 square feet for $12.45 million.
“My client bought the property because it’s a very good location and they think it’s a good price,” said Fabio Faerman, a Fortune International broker. As previously reported, next month construction begins on Brickell CitiCentre, a $1.05 billion development near Tobacco Road that is expected to create investment opportunities for mixed-use buildings.
Founded in 1912, the bar had just celebrated its 100th anniversary when its new landlord offered the owners the three-year lease. “We’re going to be open for at least three years with the possibility of more,” bartender Laura Hirata said. “At the current time there are no changes. This year for our 100th anniversary in November we plan to make it the best we’ve ever had.” [Miami Herald]