The 2-acre bayfront land owned by Tibor Hollo will soon be converted into a public park, at least until the real estate market turns around. Tibor Hollo has decided to lease the land to the city at a yearly rate of $1 and will install public benches and walking paths.
His future plans for the land will be to construct a Miami Beach bayfront condo community, however, with the way the market looks right now, holding off before beginning with construction will prove to be a good idea. Real estate in the Miami Beach is a great investment, so Hollo will have to wait it out until things turn around.
Hollo made the lease official with the city on Wednesday, December 17th, at a public event held at the site.
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