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.