Lauderdale developer aims to enliven Vero Beach
Michael Rechter plans to turn an old power plant downtown into a food and beverage hub
October 30, 2016 09:00AM
Fort Lauderdale-based developer Michael Rechter is set to redevelop a former power plant in downtown Vero Beach as a microbrewery and restaurant by next summer.
Rechter in January expects to start renovating the former deisel-fueled power plant, which he bought from the City of Vero Beach for $500,000.
He plans to finish the renovation work next July and reopen the building as a restaurant and a brewery bearing brand name American Icon. He is CEO of Fort Lauderdale-based Integra Real Estate Company.
The 9,000-square-foot building, constructed in phases from 1926 to 1959, is listed on the National Register of Historic Places.
Rechter, 45, told Treasure Coast Newspapers that “it’s an iconic piece of property. In my portfolio, it’s my favorite piece of property. I believe in its potential to invigorate the downtown area.”
The estimated total cost of the redevelopment is $4 million, making it Rechter’s most expensive real estate venture so far.
Rechter has bought and renovated other properties in Vero Beach, including retail plazas, residential duplexes and mobile-home parks. [Treasure Coast Newspapers] — Mike Seemuth
Source: The Real Deal