Capriccio Plaza, which totals 37,000 sf, is home to and named after the original location of Capriccio, a well-known Italian cuisine restaurant. The ownership entity is Capriccio Plaza LLC, whose principals are Scott Silver and Fredric Garvett, with real estate investment company Grouper Financial. They purchased the property, built in 1987, last May for nearly $4.7 million.

"We're in our presale to tenant stage now," says Silver. That stage involves going to the current tenants to see if they will buy. Tenants will have the opportunity to buy for about the next two months, then Silver and Garvett will go to the general public. They decided to convert the center to condos, Silver says, because "the center had a lot of good long-term tenants." The building houses several medical tenants, convenient to the hospital across the street. "Doctors generally will try to stay in one place for a long time." Three tenants in the building already have committed to buying their space, Silver says, and a fourth--Capriccio--is very close to committing. Capriccio has been at that location for 20 years. Any unsold units in the two-story building Silver and Garvett either will hold onto and collect rent or sell to investors, according to Silver.

Upgrades totaling about $100,000 also are being done to the property, which was in good shape, Silver says. The aesthetic improvements, started a month and a half ago and set to be completed within a week, include retiled elevator lobbies, a recarpeted second floor, new light fixtures and painting.Silver and Garvett are partners in Silver, Garvett and Henkel PA, a commercial business and litigation law firm in Downtown Miami. They have about 20 past and current commercial and residential projects in South Florida.