Walgreens is in the middle of building a new store on the ground floor of the Ritz Carlton on Lincoln Road, but a deal to sell their existing store across the street could be voided by a court.
Earlier this year, Walgreens started construction on a three-level space that sits on the corner of Collins Avenue and Lincoln Road in the former Di Lido hotel, now a Ritz Carlton.
Last year, Walgreens sold their store across the street at 100 Lincoln Road for $28 million, to a company that tried to flip it to Thor Equities for $43.5 million. The deal was contested by a company that bought a right of first refusal from the Decoplage condo, which sits above the store.
This week, the 3rd District Court of Appeal ruled in favor of Daxan 26 LLC, which was contesting the sale by Walgreens.
Both Walgreens and a nearby CVS on Lincoln Road enjoy a very high volume of foot traffic. If eventually sold at $43.5 million, the 13,480-square-foot space would be valued at over $3,200 per square foot.
Demandt Architecture is the architect for the new Walgreens in the Ritz Carlton.