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Surprise $55M proposal keeps Coconut Grove Playhouse in limbo

July 16, 2012 03:45PM

Coconut Grove Playhouse

The long closed and debt-ridden Coconut Grove Playhouse was finally on the verge of public ownership when a $55 million development proposal from one of the theater’s creditors stalled the process, the Miami Herald reported. The creditor, represented by Aries Development partner Gino Falsetto, initially rejected Miami-Dade County Mayor Carlos Gimenez’s settlement offer of $250,000, when it unexpectedly counter-offered with a plan to construct a 600-seat theater behind the historic 1927 façade, including space for retail and residential buildings and an underground parking garage.

“We stopped our process to see if anything comes of it,” Gimenez said. “We’ve heard this before from them. But I don’t want to be unreasonable.” [Miami Herald]