Iconic Downtown Building to be Transformed
Built in 1936, the building was the third Walgreens outside of Chicago and the first in Florida.
MIAMI—The former Walgreen’s building on East Flagler Street here is to be redeveloped into a multi-level entertainment complex that the new ownership hopes will boost the area’s resurgence.
Stambul, a Miami-based family-owned development and construction firm led by principals Daniel Peña Giraldi and Luis E. Rojas, has acquired the 50,000-square-foot building at 200 E. Flagler St. for $19.75 million from the Alonso family. The building was once home to La Epoca department store.
Built in 1936, the building was the third Walgreens outside of Chicago and the first in Florida and boasts more than 80 years of history that includes secret dealings by Al Capone, according to the new ownership. The Art Deco-style, five-story building will be redeveloped to attract high-end retail, dining and entertainment-oriented tenants.
“We are meticulously and thoughtfully curating and overseeing vendors, spaces and activities that will integrate to provide an organic experience,” says Stambul’s principal 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.”
Work on the adaptive reuse project will be undertaken by Stambul’s in-house general construction team and is expected to begin in the fourth quarter of this year.
The project at the former Walgreen’s building is Stambul’s third adaptive-reuse project in Downtown Miami. The firm spearheaded the restoration of the historic Miami National Bank into The Langford Hotel, now Eurostars Langford; and is currently working on the restoration of the Old United States Post Office and Courthouse that will include Biscayne Brewing among other food and beverage users.
“We’ve always understood Downtown Miami’s potential and we’re excited to be deeply rooted in its rebirth,” Stambul’s Rojas says, “We’re quickly working on giving the historic Walgreens building a new life and elevating Flagler Street to its prime days.”
Mika Mattingly, who leads Colliers International South Florida’s Urban Core Division, and Colliers’ Gerard Yetming marketed the property on behalf of the seller, Habitat Development Corp.
“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,” Mattingly says. “Over the last few years, institutional buyers and private equity have invested close to $3 billion in a six-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.”