Stambul Acquires the Historic Walgreens Building in Downtown Miami

PRESS RELEASE FROM
August 01, 2018

MIAMI – Stambul, a family-owned and operated, full-service boutique construction and development firm, finalized the purchase of the historic Walgreens building in Downtown Miami for $19.75 million. Located at 200 East Flagler St., the building was owned by the Alonso family and was last home to La Epoca Department Store. Stambul plans to transform the approximately 50,000 sq. ft. building into a multi-level entertainment complex, which will serve as a catalyst for Downtown Miami’s resurgence.

Built in 1936, the building was the third Walgreens outside of Chicago and the first in Florida and boasts over 80 years of history that includes secret dealings by Al Capone. The Art Deco-style, five-story building is primed to become the area’s most significant change on the horizon: the development of high-end retail, dining and entertainment options.

“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.”

This is Stambul’s third adaptive-reuse project in Downtown Miami. The firm also spearheaded the 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."

The restoration of the building will be completed by Stambul’s in-house general construction team and is scheduled to begin in the last quarter of 2018.

ABOUT STAMBUL

Stambul is a third-generation, family-owned and operated, full-service boutique construction and development firm. The Miami-based company was established in April 2005 and is well-known in the industry for its exceptional developments, general construction and project management services. The company is also highly regarded for its modern and stylish residential and commercial renovations, having participated in the remodeling of more than 500 properties in various luxury condo buildings including the St. Regis and Icon Brickell. For more information, visit http://www.stambulusa.com/.