ArtCenter/South Florida to sell one of its Lincoln Road sites
ArtCenter/South Florida said Tuesday it plans to sell one of its Lincoln Road sites in an effort to fund future growth.
07/01/2014 4:11 PM
07/02/2014 4:00 PM
Another fixture of Lincoln Road is for sale.
ArtCenter/South Florida, a mainstay of the pedestrian mall for 30 years, said Tuesday that it is listing its 800-810 building for sale. The more than 17,000-square-foot building at the corner of Meridian Avenue houses the Richard Shack Gallery and artist studios.
The nonprofit arts organization will keep the building at 924 Lincoln Road, where it also has exhibition space.
Maria Del Valle, the center’s executive director, said plans call for an expansion at the remaining Lincoln Road location as well as another off-site location that has not been determined.
“It will be the next step of this big project,” she said. “Finding the right place to expand the program.”
Del Valle said the board, artists, cultural leaders and staff members have been working for the past two years on plans to position the center for future growth.
As the decision was made to sell one of the properties, real estate prices on the stretch of Miami Beach have also skyrocketed as investors buy spots where they can charge top rent. Purchase prices of late have reached $5,000 per square foot.
“We were ready and it seems to be the best moment,” Del Valle said. “Somehow we think it was meant to be.”
She said she doesn’t know exactly how much the building will fetch, but said she expects it to be “substantial.” The center bought the property in 1989 for under $1 million. The Miami office of Ackman-Ziff Real Estate is the broker for the sale.
Robert Kaplan, a principal in Ackman-Ziff, said the property is being marketed to a select group without an asking price. He said he expects the real estate firm to market the building for two to three months, after which the organization’s board will choose a winning bidder.
“We’re marketing this the way the great auction houses market art materpieces,” Kaplan said.
Exhibitions are planned in the space through next year, and Del Valle said that the center would try to continue operating at the building as future plans are worked out, even following a sale. Once the organization could no longer function there, she said ArtCenter/South Florida would seek a temporary space to relocate artist studios or partner with other organizations or land owners.
When it comes to adding another location, Del Valle said the center is open to many options.
“The whole thing in our mind always is that we are going to guarantee the future of at least another 30 years of a really, really strong ArtCenter/South Florida,” she said.
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