The German Tycoon Making Waves In Miami Beach

Visiting friends in Miami two years ago, German stock-and-commodities trader Thomas B. Kramer was astounded by what he saw. Just blocks south of Miami Beach's trendy Art Deco district was prime oceanfront property, on which sat mostly boarded-up hotels and seedy apartments and houses. Earmarked by the City of Miami Beach for redevelopment, the blighted South Pointe section had been largely overlooked by builders eager to capitalize on the cachet of the revitalized area to the north. And though his only foray into real estate--in Germany--ended disastrously, Kramer thought he knew a cheap commodity when he saw one.

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