Related withdraws proposed theater renovation and redevelopment

A unit of the Miami-based development company proposed renovating the Olympia Theater and redeveloping the property's residential component

Oct.October 28, 2017 09:00 AM
A unit of Miami-based Related Group withdrew an unsolicited proposal to renovate the historic Olympia Theater in downtown Miami and convert 80 apartments above the theater to affordable housing units.

Related Urban Development Group proposed the theater renovation and the residential project in a May 9 offer sheet, the Miami Herald reported. The proposal included turning the 80 apartments above the theater into as many as 300 affordable housing units.

But Albert Milo, a principal of Related Urban, this week delivered a letter to the City of Miami withdrawing the proposed renovation and redevelopment of the theater property at 174 East Flagler Street. The 1,567-seat theater opened in 1926 as a Paramount movie theater.

Milo said in an Oct. 24 letter that Related Urban wanted additional time to communicate with historic preservationists, theater patrons and residents of downtown Miami and to respond to criticism of the company’s proposed renovation and redevelopment project.

Robert Geitner, the executive director of the theater, called the Related Urban’s proposed project unacceptable and said the community should drive the future of the theater property, not a developer.

The Miami City Commission voted 4-0 Thursday to arrange a study of the needs of the Olympia Theater and to solicit input from the community on a course of action. [Miami Herald] Mike Seemuth

Related Articles

One Thousand Museum and Ravichandra Saligram 

Consumer conglomerate CEO buys condo at One Thousand Museum

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Jorge Perez and the development site

Related buys dev site in downtown Fort Lauderdale

Jorge Perez and New River Yacht Club III

Related Group nabs $48M loan for downtown Fort Lauderdale apartments

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

From left: Jorge Perez, Alex Karakhanian, Scott Sherman and Ben Mandell, with The Dorsey rendering

The Dorsey project in Wynwood wins design approval

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project