Brickell Bay Boardwalk
The property in Miami, situated in a lively nightlife area, remained largely unused and unattractive, primarily due to a vacant storage facility dominating much of the space. Despite its waterfront location, the property lacked appeal, with boarded-up windows and a dated lobby hindering potential development. Black Lion recognized the property's potential but faced challenges in redirecting foot traffic to a second-floor restaurant without passing through the unappealing lobby. Additionally, the property's age and condition deterred potential tenants, requiring significant capital improvements to restore its reputation and attract investors.
Black Lion embarked on a renovation project aimed at overcoming these challenges. Initially planning to relocate an elevator and create a walkway to the street, the team eventually opted for a more transformative approach: demolishing the entire first floor. This bold move paved the way for the creation of a new waterfront restaurant and superclub, offering unparalleled views of Brickell Bay. This ambitious undertaking, spanning several years, resulted in a unique and highly desirable space. The successful sale of a portion of the property for $8.5 million, at $1,232 per square foot, demonstrated Black Lion's exceptional ROI and solidified its position in the Miami commercial real estate market. Delilah, the modern-day supper club, now stands as a testament to Black Lion's vision and success in revitalizing the property.
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