Last Updated: July 29, 2005 02:21pm ET

$33M Savoy Sale Sets Up $50M Redevelopment

By Marita Thomas

MIAMI BEACH-CMA Cos. and an affiliated UK investment group will convert the 75-suite Art Deco landmark into a 122-unit condo hotel and develop 27 residential condos, plus retail on a 19,500-sf parcel nearby.

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