The Alonso family decided to put the property on the market last month after the restoration of the Art Deco landmark attracted a flurry of unsolicited purchase proposals. The Art Deco five-story building, located at 200 East Flagler St., currently contains La Epoca, Miami's most historic department store.

“The property's historic designation also allows for the sale of Transfer of Development Rights under current zoning regulations totaling 244,755 square feet,” Krasnow says. “The building's sale also coincides with the redevelopment of Flagler Street, which is undergoing a $13 million facelift.”

Named after Henry Flagler, whose railroad along Florida's east coast ushered in modern Miami's first settlers dating back to 1896, Flagler Street has long served as the commercial heart of the City's central business district. The renovation will focus on the half-mile stretch between the historic Miami-Dade County Courthouse and Biscayne Boulevard. A number of notable buildings are situated along Flagler Street, including the Olympia Theater, the Alfred I. DuPont Building and the art deco Walgreens building, now home to La Epoca department store.

“The public-private partnership plans 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 new lighting and greenery,” Krasnow says. “The renovation is scheduled to be completed by 2017.”

MIAMI—Is Downtown Miami turning into the next South Beach? Is Flagler Street the new Lincoln Road? These discussions are happening.

Ken Krasnow, South Florida market leader for Colliers International, says the signs forecasting such a future are emerging. We've been talking with him about the prospects in this exclusive interview series. You can still read part one and part two.

With talk of a “New Yorkization” of Downtown Miami, there is one key question we haven't answered: Are there enough properties on the market to meet the growing demand for commercial real estate in Miami's urban core?

“The demand for assets on Flagler Street is increasingly becoming more apparent as we're seeing more families and multi-owner trusts agreeing to sell,” Krasnow tells GlobeSt.com. “That's the case of the Alonso family's Habitat Development Corporation, which owns The Historic Walgreens building at 200 East Flagler Street.”

The Alonso family decided to put the property on the market last month after the restoration of the Art Deco landmark attracted a flurry of unsolicited purchase proposals. The Art Deco five-story building, located at 200 East Flagler St., currently contains La Epoca, Miami's most historic department store.

“The property's historic designation also allows for the sale of Transfer of Development Rights under current zoning regulations totaling 244,755 square feet,” Krasnow says. “The building's sale also coincides with the redevelopment of Flagler Street, which is undergoing a $13 million facelift.”

Named after Henry Flagler, whose railroad along Florida's east coast ushered in modern Miami's first settlers dating back to 1896, Flagler Street has long served as the commercial heart of the City's central business district. The renovation will focus on the half-mile stretch between the historic Miami-Dade County Courthouse and Biscayne Boulevard. A number of notable buildings are situated along Flagler Street, including the Olympia Theater, the Alfred I. DuPont Building and the art deco Walgreens building, now home to La Epoca department store.

“The public-private partnership plans 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 new lighting and greenery,” Krasnow says. “The renovation is scheduled to be completed by 2017.”