Wexler family wants $5M per year for Lincoln Road corner lease

Miami /
Nov.November 18, 2016 09:45 AM

Lincoln Road’s notorious Alvin’s Island beachwear shop could be headed for the wrecking ball.

The Wexler family is offering Alvin’s home at 200 Lincoln Road as a long-term land lease, opening the door for possible redevelopment.

Alvin’s is the largest of three buildings on the Wexler family’s Lincoln Road property, which together take up 29,448 square feet of land. According to marketing materials from brokerage Koniver Stern Group, first reported by the Next Miami, the land has zoning for up to 80,000 square feet of commercial development and heights of 100 feet. That could mean an office, retail or hotel project, though Koniver Stern agent Kerry Newman told The Real Deal that a residential development likely wouldn’t be financially viable.

He said the ownership is looking for $5 million per year for a minimum term of 75 years. The asking rate breaks down to just below $170 per foot of land, or $62.50 per developable square foot. He said the family is not interested in an outright sale, despite receiving numerous offers over the years.

The reason 200 Lincoln Road is being offered for lease is because Alvin’s lease, which covers all three buildings, expires in April 2019. Because garnering approvals for a project can be a years-long process, striking a deal now would leave a developer ready to break ground once the existing lease is up.

It’s unclear for how long the Wexlers have owned 200 Lincoln Road. The family is known for its ownership of luxury watch retailer Tourneau, which they acquired in 1975. Tourneau was later sold to an investment group for more than $300 million in 2006, according to published reports, though the family kept a piece of its ownership as part of the deal.

Lincoln Road, once a hotbed for investment activity and eye-popping leases, has begun to cool off in recent months amid a changing retail industry. A recent report from Cushman & Wakefield shows rents for the street have been flat since 2015 — a trend the brokerage expects will continue for the near future.


Related Articles

arrow_forward_ios
Ronny Finvarb and Joseph Chetrit with the Miami Beach Macy's (Finvarb Group, Getty Images, Google Maps)
Ronny Finvarb and Joe Chetrit nab Miami Beach Macy’s for $16M
Ronny Finvarb and Joe Chetrit nab Miami Beach Macy’s for $16M
Don Peebles and Barry Sternlicht with renderings of proposals to develop city-owned property in Miami Beach (Starwood, Integra, Comras JV, Polo Sivori, CC BY-SA 4.0 via Wikimedia Commons, Getty)
Miami Beach voters to decide on controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach voters to decide on controversial Peebles, Sternlicht office projects near Lincoln Road
Starwood's Barry Sternlicht and Don Peebles III (Getty, Starwood, Integra, Comras JV)
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
From left: Ivy Realty's Anthony P. DiTommaso Jr. and Russell Warren Jr. (Ivy Realty in front of the Tower 101 office building at 101 Northeast Third Avenue in Fort Lauderdale (Ivy Realty)
Lease roundup: Ivy Realty scores tenants at Tower 101 in Fort Lauderdale
Lease roundup: Ivy Realty scores tenants at Tower 101 in Fort Lauderdale
BH Properties' Steve Gozini and Vornado's Steven Roth with 1100 Lincoln Road (BH Properties, Getty, Google Maps)
Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
Don Peebles and Barry Sternlicht with renderings of proposals to develop city-owned property in Miami Beach (Starwood Capital Group, Integra Investments, Comrass Company, Wikipedia, Getty)
Miami Beach gives preliminary OK to controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach gives preliminary OK to controversial Peebles, Sternlicht office projects near Lincoln Road
Vivian Dimond with 230 Lincoln Road (iStock)
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Van Gogh with 420 Lincoln Road and Paul Cejas (420LincolnRoad.com, Wikipedia, Getty)
Blank canvas: Van Gogh exhibit inks long-term lease on Lincoln Road
Blank canvas: Van Gogh exhibit inks long-term lease on Lincoln Road
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...