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June 14, 2016 / Johanna Bassols / 0 Comments / Investment Opportunities

Historic Flagler Street Building for Sale

Miami’s downtown Flagler Street is currently undergoing a transformation, and an opportunity to be a part of the action has just become available. The historic Walgreen building, located at 200 East Flagler Street, was built in 1936 and is currently home to La Epoca Department Store, which recently celebrated its 50th anniversary. The store is owned by Habitat Development Corp., with the Alonso family at the helm. Brian Alonso co-chairs the Flagler Street Task Force, which is overseeing the $13 million improvement plan which calls for the installation of trees, benches and bicycle racks, while trying to make the area more pedestrian-friendly. According to a recent article from The Real Deal, the market will determine the price for the building and the TDRs, or air rights, which are included in the sale.

“We’re proud of the change underway along Flagler Street and we’ll always be grateful to our loyal customers, but we also recognize that there’s record-level of interest and excitement in downtown Miami real estate,” Alonso said in the press release. “It’s time for us to usher in the next chapter of this building’s rich history.”

The five-story building was designed by Zimmerman, Saxe and MacBride in the Art Deco-style. With the exception of inside Chicago, it is the third location for Walgreens and is listed on the National Register of Historic Places, making it impossible to demolish.

For more information about available properties in Miami, contact Oceanica Real Estate at (786) 270-1743 or [email protected].

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