SRA/Lincoln plans to convert the four-story theater into a three-story retail center. Because the building has a historical designation with the city of Miami Beach, the company can only renovate its interior.

New World is seeking a smooth transition from the current venue to its new facility without disrupting scheduled performances, Berke says. Subscribers of the symphony have already paid for concerts running through June 2011.

"The challenge was making it work so we could dovetail the completion of the current subscription series and move into the facility without disappointing subscribers," he says. "We structured it in a way to generate cash from the sale to pay for the new facility and retail occupancy on an as-needed basis. We were very fortunate."

Under its lease with SRA/Lincoln, the symphony has the option to terminate or extend the agreement, depending on the construction progress of the new facility, Berke says. He declined to provide additional details of the agreement.

With outside financing still extremely difficult to obtain, New World provided SRA/Lincoln with an $11.5-million purchase-money mortgage. The flexibility of SRA/Lincoln, managed by Miami Beach real estate veteran Clifford Stein, led to the symphony choosing the group over several other suitors, Berke says.

"Stein was very understanding of New World's needs," he says. "They did have several other contracts on the table with other groups very interested. [SRA/Lincoln] is reputable and was willing to accommodate the symphony's needs to retain possession of the building post-closing."

SRA/Lincoln and New World hope the new performance facility and retail center will complement each other when they are completed, Berke says. "The new facility will be a tremendous draw with a very large public park area," he says. "I think the center of gravity of Lincoln Road will change, and as a consequence should benefit the buyer in terms of leasing efforts."

The new theater is part of a $204-million redevelopment project. The new venue will be funded by proceeds from the sale of the original theater, the city of Miami Beach and private donations, Berke says. The city is providing $19.5 million for the park, $17.1 million for the parking garage and $13.17 million for other expenses.

Holliday Fenoglio Fowler director Luis Castillo, managing director Daniel Finkle and executive managing director Manny de Zarraga assisted New World in the sale. SRA/Lincoln was represented by Miami attorney Michael Gallinar.