The Lincoln, which opened in 1935 as a movie house in the Miami Beach art-deco zone, has been the symphony's home for the past two decades. The 38,000-square-foot structure at 541 Lincoln Road is in the midst of one of the nation's most successful pedestrian shopping areas.
The New World Symphony will vacate the theater later this year once its new $154-million campus is completed behind the building. The current theater includes administrative offices, practice rooms and a 704-seat performance hall.
"The Lincoln Theatre is an internationally significant landmark that will start a new chapter in the illustrious history of Lincoln Road, while complementing the new world-class home of the New World Symphony," says Danny Finkle, managing director with HFF in Miami. The brokerage adds that the theater is in the "epicenter" of ongoing improvements to Lincoln Road storefronts.
As many as four shops and restaurants will be able to open in the Lincoln Theater space over the next two to three years, with 20,000 square feet directly fronting the street, according to Savitar. Prior to the recession, Lincoln Road retail space commanded asking rents averaging $130 per square foot.
Proceeds from the theater sale will go toward the cost of the new symphony hall. "We anticipate the opening of our new iconic campus and the city's adjacent park and parking garage will have a profound impact on Miami Beach,'' says Neisen Kasdin, chairman of the symphony's board of trustees.
Assisting Finkle in the Lincoln Theater sale with HFF were Manny de Zarraga, executive managing director, and associate directors Luis Castillo and Jaret Turkell. Clifford Stein, president and CEO of Savitar, is partnering with Lyle Stern and Bruce Koniver of Koniver Stern Group, which will also handle retail leasing.
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