The Historic Walgreens Building sits on a 9,120 square foot lot at the corner of Flagler Street and Southeast 2nd Avenue. The property's historic designation allows for the sale of Transfer of Development Rights (TDRs) under current zoning regulations totaling 244,755 square feet.

A flood of capital is flowing into Downtown Miami which has seen over $10 billion in real estate investment in recent years. Unsolicited offers for property are not uncommon. The sale of the Historic Walgreens Building comes as Downtown Miami's population grows rapidly and new demand drivers enter the market.

Specifically, the neighborhood's residential population has more than doubled in size over the past 15 years and additional growth is forthcoming, according to a recent study the Miami Downtown Development Authority (DDA). Three mixed-use mega-developments—Brickell City Centre, Miami Worldcenter and All Aboard Florida's Miami Central rail terminal—are underway within walking distance.

“Miami's Historic Walgreens Building is one of the most recognizable and well-located commercial assets in all of downtown dating back 80 years,” says Mattingly. “It's rare for a true architectural icon to trade hands in Miami, but in acquiring this property, potential buyers have an opportunity to own both a piece of Flagler Street—and a piece of Miami history.”

The building's sale also coincides with the redevelopment of Flagler Street, which is undergoing a $13 million facelift. Earlier this year a public-private partnership was formed to restore the thoroughfare's position as a commercial anchor for Downtown Miami by improving the pedestrian experience, extending and leveling sidewalks, implementing centralized valet parking, and adding greenery.

“The Historic Walgreens Building was a Downtown Miami anchor when Flagler Street was in its prime, and now we're watching Miami's Main Street undergo a dramatic transformation once again,” says Miami DDA vice chair Neisen Kasdin, who served as Mayor of Miami Beach during the revitalization of Lincoln Road Mall. “There are clear parallels between Flagler Street and some of the world's great commercial streets, which makes the property appealing to potential buyers looking to enter the downtown Miami market or expand their presence here.”

Built in 1936 and designed by Zimmerman, Saxe and MacBride, the Art Deco-style Historic Walgreens Building was the pharmacy chain's third location outside of Chicago, Illinois. It has earned historical designation from both the City of Miami and the National Register of Historic Places.

MIAMI—It's certainly one of Miami's most iconic buildings—and it's up for sale. As Miami's urban core gains momentum as a top-tier market for international investors, the historic Walgreens Building hits the market.

The five-story Walgreens Building sits at 200 East Flagler Street and has a 49,847-square-foot subterranean basement with mixed-use space. Located at one of the most prominent intersections in Downtown Miami, the historically-protected structure is home to La Epoca Department Store.

Habitat Development Corporation chose Colliers International of South Florida to market the Walgreens Building. Brokers Mika Mattingly and Gerard Yetming, who lead the firm's newly-minted urban core division, are leading the charge. The duo's experience in the urban core is deep; they have been involved in 67% of the deals closed in the last two years in the heart of Downtown Miami.

“East Flagler Street came a long way in the last few years,” Mattingly tells GlobeSt.com. “The amount of private equity that has been invested in Miami's urban core is positioning Flagler Street to become the next Lincoln Road. In the last two years, major New York City and international players have acquired more than $1.2 billion in properties to be repositioned as Downtown Miami is re-urbanized and heads back to its glorious days.”

The Historic Walgreens Building sits on a 9,120 square foot lot at the corner of Flagler Street and Southeast 2nd Avenue. The property's historic designation allows for the sale of Transfer of Development Rights (TDRs) under current zoning regulations totaling 244,755 square feet.

A flood of capital is flowing into Downtown Miami which has seen over $10 billion in real estate investment in recent years. Unsolicited offers for property are not uncommon. The sale of the Historic Walgreens Building comes as Downtown Miami's population grows rapidly and new demand drivers enter the market.

Specifically, the neighborhood's residential population has more than doubled in size over the past 15 years and additional growth is forthcoming, according to a recent study the Miami Downtown Development Authority (DDA). Three mixed-use mega-developments—Brickell City Centre, Miami Worldcenter and All Aboard Florida's Miami Central rail terminal—are underway within walking distance.

“Miami's Historic Walgreens Building is one of the most recognizable and well-located commercial assets in all of downtown dating back 80 years,” says Mattingly. “It's rare for a true architectural icon to trade hands in Miami, but in acquiring this property, potential buyers have an opportunity to own both a piece of Flagler Street—and a piece of Miami history.”

The building's sale also coincides with the redevelopment of Flagler Street, which is undergoing a $13 million facelift. Earlier this year a public-private partnership was formed to restore the thoroughfare's position as a commercial anchor for Downtown Miami by improving the pedestrian experience, extending and leveling sidewalks, implementing centralized valet parking, and adding greenery.

“The Historic Walgreens Building was a Downtown Miami anchor when Flagler Street was in its prime, and now we're watching Miami's Main Street undergo a dramatic transformation once again,” says Miami DDA vice chair Neisen Kasdin, who served as Mayor of Miami Beach during the revitalization of Lincoln Road Mall. “There are clear parallels between Flagler Street and some of the world's great commercial streets, which makes the property appealing to potential buyers looking to enter the downtown Miami market or expand their presence here.”

Built in 1936 and designed by Zimmerman, Saxe and MacBride, the Art Deco-style Historic Walgreens Building was the pharmacy chain's third location outside of Chicago, Illinois. It has earned historical designation from both the City of Miami and the National Register of Historic Places.