Clicky

Historic Downtown Miami Walgreens Building To Become An Entertainment Complex

Historic Downtown Miami Walgreens Building To Become An Entertainment Complex

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.”

 

36
Leave a Reply

avatar
  Comment Notifications  
newest oldest most voted
Notify of
Anonymous
Anonymous

The polar opposite of Mana. This project will do more for the “city living” in Downtown than a 500 foot tower with 400 units and 800 parking spaces.

Hopefully they turn at least part of the area into a cool Al Capone style Speakeasy (something Miami is desperately missing). Regardless, I’ll be out there to support the real developers of Miami!!

Anonymous
Anonymous

Who do you think this conversion property will rely on? Those 500ft towers with 400 units of people are the clientele that will frequent this place the most. Who do you think this place will be visited by the most?.. suburbanites?

Anonymous
Anonymous

I am not opposed to 500 foot towers. That would be absurd.

I’m just saying it’s nice to get a balance of things, and if you follow the Brickell/Downtown development scene, you know there are a disproportionate amount of condos (often empty) relative to office and retail/restaurant space.

But that is changing because of projects like this, which while not as glamorous as a tall skyscraper, is just as important.

Anonymous
Anonymous

Nobody said you are opposed to 500ft towers. You wrote “This project will do more for the “city living” in Downtown than a 500 foot tower with 400 units and 800 parking spaces.” Do more for “city living?” This conversion project will ENHANCE the city experience, but only something like affordable housing can “do more” for city living downtown.

Anonymous
Anonymous

sadly, this will benefit Mana

Anonymous
Anonymous

Happily, this will benefit Miami.

Anonymous
Anonymous

Wow, refreshing to see someone else who wants a bar where blaring music and “bottle/table” specials aren’t the thing. Miami desperately needs more of these spots in the urbanized areas (saying urban areas because I know some of the suburbs have some quality dive bars/speakeasys, while it seems like Brickell and Miami Beach only cater to the bottle chasing crowd)

Anonymous
Anonymous

Why does every development have to be high-end? Why can’t we build something for locals to enjoy like any other regular city. A movie theaters you can take your family too, a place where were have a real dinner, a place where you can actually afford to go shopping. Why do we keep building things for people do not live here? This is the reason why Miami is ranked the most miserable city. 90% of the new development does not benefit the people who live here.

Anonymous
Anonymous

You can shop at Target, eat at Burger King, and rent movies from Red Box anytime.

Anonymous
Anonymous

Its called the free market and they’re plenty of cheap places you could go to.

Anonymous
Anonymous

Lots of cheap, reasonably priced food at Bayside.

SRS
SRS

Speak for yourself…

Anonymous
Anonymous

It will happen eventually. The tenant mix at City Center is slowly trending to a lower-priced market. The majority of Downtown/Brickell is built for rich South American investors, but in reality, its underpaid young professionals renting the units who actually make up the majority of the population there. Only a matter of time until the tenant mixes skew towards this market.

Anonymous
Anonymous

True.

Anonymous
Anonymous

“underpaid”

Anonymous
Anonymous

Not really. Check the latest DDA figures. Brickell residents are most highly educated and the best paid.
Quite a number of young professionals are overpaid.
Also, notice how those who can afford Brickell could easily afford Kendall or Wynwood, or Edgewater…but they never do?

Anonymous
Anonymous

Melo Group is building hundreds of more affordable units just blocks away.

Anonymous
Anonymous

In your dreams. This will never happen. Projects like BCC, World Center, etc, will always keep this area expensive and there is nothing wrong with that. If you want something more affordable, move.

Anonymous
Anonymous

People who live downtown want new places to go as locals, that we can walk to. Its refreshing to have a couple new places open this month, and I am certainly looking for more. One of the reasons we live in the urban core. Also, if you check the other new TNM post from today, the new Downtown Movie Theater just opened. Take your complaining elsewhere.

Anonymous
Anonymous

I live downtown, have married, and had a baby here. The recent article in the Herald about the exploding population of children in Brickell has been my experience for 5 years.
Many Brickell residence can afford the movie theaters in walking distance. Many downtown residence do afford dinners within walking distance.
If Miami was voted “miserable” it must have targeted shut-ins on their desktops….most people living in Brickell are too busy loving life to respond to such a poll.

Anonymous
Anonymous

Do tell where it says Miami is the most miserable city?

Anonymous
Anonymous

Because everything you described is available in the suburbs. Downtown of any city San Francisco, DC, Houston, etc, is for people who have money. Also remember that the rent for businesses in Downtowns are extremely high and therefore they have to charge higher prices. No one is forcing anyone to live in Downtown, you have free will to go where ever you want or more specifically where ever you can afford.

Anonymous
Anonymous

Great building to save. This goes in the win column.

Polo
Polo

Great news for this great looking building!

¯\_(ツ)_/¯
¯\_(ツ)_/¯

“You know what this city needs? Another entertainment complex!!!” – every realtor ever

Anonymous
Anonymous

Why not turn it back into a Walgreens, replacing the crappy one a block away, and leave the “high-end retail, dining and entertainment complex” to redeveloping the block across Flagler which is ninety percent garbage?

Anonymous
Anonymous

Because they didn’t spend 19 million dollars to do what someone suggested they do on the comments section of a local blog?

Anonymous
Anonymous

At least Walgreens will be a solid tenant, not some restaurants with more turnover than you change your underwear.

Anonymous
Anonymous

Very innovative A new Walgreens in a former Walgreens Building!!!

Anonymous
Anonymous

No point reinventing the wheel, chump.

Anonymous
Anonymous

I particularly love this development because so much of Miami is modern. We dont have a ton of old buildings and almost no old buildings with modern attractions inside of them.

It’ll give Downtown and Miami a historical trendy flavor that can only add to the Miami experience.

Anonymous
Anonymous

The other one isn’t creepy

Anonymous
Anonymous

Yeah, but it’s under a Class A office tower. Almost as bad as the Shit-VS under Marinablue.

Anonymous
Anonymous

Whats wrong with walgreens being at the bottom of these buildings.

Anonymous
Anonymous

It makes more sense here than there, which is a hulking pedestal which could be opened up with glass and an upscale restaurants for business power lunches and condo resident dinner and drinks at night.

Anonymous
Anonymous

Reinventing a City according to some Miami residents.