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Tobacco Road to stay open for at least 3 years despite land sale

Tobacco Road will celebrate its 100th anniversary later this year, but the future of Miami’s oldest bar is only secure for another three years following the sale of its property last month.

An investment group paid $12.45 million in April to acquire the Tobacco Road site and the surrounding property including the River Oyster Bar and the adjacent parking lot, said Fortune International broker Fabio Faerman, who represented the ownership group Tobacco Road Property Holdings. The total land assemblage includes 49,950-square-feet and a price of $253 per square foot.

“My client bought the property because it’s a very good location and they think it’s a good price,” Faerman said.

The group may consider redeveloping the site in the future, but have not decided. The site could be used for mixed-use development. The area is attractive because its adjacent to where Swire Properties plans to begin construction next month on Brickell CitiCentre, a $1.05 billion massive mixed-use development.

While Faerman said he could not confirm the actual owner because of a confidentiality agreement, it is believed to be Colombian auto executive Carlos Mattos.

Tobacco Road owner Patrick Gleber could not be reached for comment. But bartender Laura Hirata said she was authorized by the owners to confirm that the bar had a three year lease with the new owners.

“We’re going to be open for at least three years with the possibility of more,” Hirata said. “At the current time there are no changes. This year for our 100th anniversary in November we plan to make it the best we’ve ever had.”

Article source: http://www.miamiherald.com/2012/05/10/2793518/tobacco-road-to-stay-open-despite.html

This article was written by: dmbcc

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