Long-term lease on Lincoln Road up for grabs – again – with plans for a hotel

Kobi Karp designed plans for 99-key hotel with 18k sf of retail space

TRD MIAMI /
Aug.August 02, 2018 06:00 PM

Rendering of 200 Lincoln Road and Robert Wexler (Credit: Getty Images)

The leasehold interest in an iconic corner of Lincoln Road is back on the market, complete with plans for a developer to build a mixed-use hotel.

The Wexler family is offering the 29,448-square-foot site at 200 Lincoln Road for a whisper price of $4 million a year for a 99-year lease. The 25,594-square-foot building is leased to Alvin’s Island, a beachwear shop, until April 2019.

The family put the property on the market about two years ago with Koniver Stern Group for $5 million a year for a 75-year lease. It’s now listed with Alex D’Alba and Scott Sandelin of Marcus & Millichap, and includes plans designed by architect Kobi Karp for a 99-key hotel with about 18,000 square feet of ground floor retail.

The Wexler family owned luxury watch retailer Tourneau, and reportedly sold the majority of their ownership in it to an investment group for more than $300 million in 2006.

The proposed plans for the property call for a five-story building with a rooftop pool and about 148 parking spaces. The hotel would be built on top of the existing structure, which was completed in 1946.

D’Alba said there’s an appetite for construction loans for that type of project. It’s near the Miami Beach Convention Center, which is undergoing a multimillion-dollar renovation.

Nearby at 1685 Washington Avenue, the Finvarb Group is seeking approvals for a 150-room hotel.


Related Articles

arrow_forward_ios
David Edelstein, George Gleason and 918-920 Lincoln Road (Google Maps)

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings
WeWork Lenox Avenue, WeWork Lincoln Road and CEO Sandeep Mathrani (Lenox location by Katherine Kallergis, WeWork, iStock)

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
Mitchell Kaplan and Books & Books at 927 Lincoln Road (Google Maps) 

Books & Books closes its chapter on Lincoln Road

Books & Books closes its chapter on Lincoln Road
Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit
Jeff Bezos and 700 Lincoln Road (Getty, Lincoln Road BID)

Amazon to open store on Lincoln Road

Amazon to open store on Lincoln Road
Steve Madden and 663 Lincoln Road (Getty, Google Maps)

Steve Madden vacates Lincoln Road lease

Steve Madden vacates Lincoln Road lease
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Shoma nabs $18M construction loan for condos near Lincoln Road
From left: 663 to 667 Lincoln Road, Joe Sitt, Tony Arellano and Devin Marinoff (Credit: DWNTWN REALTY ADVISORS)

Thor Equities lists Lincoln Road building for $17.5M

Thor Equities lists Lincoln Road building for $17.5M
arrow_forward_ios

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

Loading...