Development news in Downtown Miami has been slow as of late.  However, there have been a few (very small) movements in the industry this past week.

The Miami Herald recently reported that Citisquare Group, the proposed buyer of 10 acres of parking lots in the north end of downtown, has exercised its option to extend the closing date from June 30 to December 31.  The deal was first made in March of 2005 at the height of the construction boom, but a down market has essentially brought the large project to a halt.  Developers hoped to convert these parking lots, currently owned by the Miami Herald, into a entertainment/retail/residential urban development.

The South Florida Business Journal is also reporting that developer Tibor Hollo, president of Florida East Coast Realty (FECR) closed on his purchase of 1101 Brickell Avenue.  Tibor Hollo had recently entered an agreement with the now defunct Leviev Boymelgreen partnership to purchase the property.  The property at 1101 Brickell houses a 35-year-old, 11-story office tower, renovated in the 1990s, and a 19-story office tower built in 1985.

Hollo is planning to invest $12 million to renovate buildings on the site.  Upgrades will include maintenance and mechanical repairs involving air conditioning, generators, lighting, bathrooms, lobbies, and landscaping as well as new retail — possibly a restaurant.  Plans to redevelop the site into a large skyscraper will most likely be put on hold until the market recovers.

While this is interesting news, I personally cannot wait to see something more interesting in the development pipeline emerge.  Nevertheless, I will not be holding my breath — the economic recovery, in my opinion, still seems quite a ways off.

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1. September Development News in Downtown Miami
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3. New Development in Miami?
4. October Development News in Downtown Miami
5. Sonesta Mikado Hotel