Daniel Peña’s Stambul now owns another historic piece of downtown Miami.
The family owned and operated construction and development firm paid $19.75 million for the historic Walgreens building at 200 East Flagler Street, most recently home to La Epoca department store. When it opened in the 1930s, the building was home to Walgreens’ 66-seat soda fountain.
The Alonso family sold the 50,000-square-foot, five-story building to Stambul, according to a press release. Peña’s company, which restored and renovated the nearby Langford hotel, plans to turn the Walgreens building into a “multi-level entertainment complex” with retail and dining. Stambul expects to break ground later on the restoration later this year.
The Art Deco property was developed in 1936, and marked the first Walgreens in Florida and the third outside of Chicago. It was designed by Zimmerman, Saxe and MacBride and is listed on the National Register of Historic Places.
Mika Mattingly and Gerard Yetming of Colliers International South Florida represented the Alonso family’s Habitat Development Corporation.
Stambul is also restoring the Old United States Post Office and Courthouse nearby at 100 Northeast First Avenue that will include Biscayne Bay Brewing.
Moishe Mana has spent more than $200 million on properties in the Flagler Street area of downtown Miami over the past few years. Earlier this month, New York investor Yair Levy paid $14.5 million for the Metro Mall building at 1 Northeast First Street with plans to renovate the property into a luxury jewelry center. – Katherine Kallergis