Stambul has closed on the purchase of 200 East Flagler St. for $19.75 million from the Alonso family.
The 50,000 sq. ft. building will be transformed into a high-end retail, dining and entertainment complex, which Stambul says will serve as a catalyst for Downtown Miami’s resurgence.
Construction, including restoration of the building, will begin in the last quarter of 2018.
Built in 1936, the Art Deco-style, five-story building was the third Walgreens outside of Chicago and the first in Florida. It is said to boast over 80 years of history that includes secret dealings by Al Capone.
“We are meticulously and thoughtfully curating and overseeing vendors, spaces and activities that will integrate to provide an organic experience,” said Stambul’s Principal Daniel Peña Giraldi. “Stambul wants to be a key player in the rebirth of Downtown Miami and its evolution into a culinary and entertainment destination for locals and tourists.”
Stambul also oversaw restoration of the historic Miami National Bank into The Langford Hotel, now Eurostars Langford, and is working on the restoration of the Old United States Post Office and Courthouse that will include Biscayne Brewing among other food and beverage outposts.
“We’ve always understood Downtown Miami’s potential and we’re excited to be deeply rooted in its rebirth,” said Stambul’s Principal Luis E. Rojas. “We’re quickly working on giving the historic Walgreens building a new life and elevating Flagler Street to its prime days.”
“This property has played an important role in the evolution of Downtown Miami and it is incredible that Daniel, who appreciates and embraces the history of Downtown Miami, is the buyer,” said Mika Mattingly, who leads Colliers International South Florida’s Urban Core Division. Mattingly and Colliers’ Gerard Yetming marketed the property on behalf of the seller, Habitat Development Corporation. “Over the last few years, institutional buyers and private equity have invested close to $3 billion in a 6-block radius in downtown Miami. Downtown is on the verge of a complete transformation, and Daniel’s acquisition of La Epoca will speed up the change.”