Miami Beach’s Lincoln Theatre to be converted into retail stores
The New World Symphony, whose new home is under construction, will sell the historic Lincoln Theatre to investors who will convert it for stores.
BY ELAINE WALKER
A group of Miami Beach real estate investors will close next week on the purchase of the Lincoln Theatre, with plans to convert the historic building into retail stores.
The New World Symphony will continue to present concerts at the Lincoln Theatre until January 2011. Proceeds from the sale will be used by New World toward the construction of its new facility.
Stein’s plans call for converting the four-floor building into three floors and eliminating the theater, while maintaining the architectural features of the historic building built in 1935. The renovated theater would become home to as many as four retail shops and restaurants, with a potential opening in 2012 or 2013.
What made the building an attractive investment is the success of Lincoln Road as a major retail corridor. While most retail sales across the country declined in 2009 because of the recession, industry sources say many retailers on Lincoln Road still managed to grow their businesses. Some of the top tenants ring up sales of more than $1,000 a square foot.
But a lack of space has made it difficult for larger tenants to find a suitable location with spaces larger than 5,000 square feet.
“This gives us the opportunity to talk to tenants that had absolutely no way to enter the market before,” Stern said. “We have a list of important tenants that we would like to introduce to the market or to North America.”
As part of the renovation, the site will be redesigned to allow retailers to face on Lincoln Lane and interact with the New World Symphony’s new home located directly behind the existing theater.