Miami — Stambul, a Miami-based full-service construction and development firm, has acquired the Historic Walgreens Building in downtown Miami for $19.8 million.
The building most recently housed La Epoca, a department store that closed in 2016. Habitat Development Corp., an entity owned by the Alonso family, sold the asset. Mika Mattingly and Gerard Yetming of Colliers International arranged the transaction on behalf of both parties. Stambul, which also restored the nearby Langford Hotel, plans to redevelop the building with high-end retail, dining and entertainment options. A construction timeline for the project was not disclosed. Built in 1936, the Art Deco-style building was the first Walgreens in Florida and the pharmacy chain’s third location outside of Chicago. The building is listed on the National Register of Historic Places and has also earned a historical designation from the City of Miami. Daniel Peña, a principal of Stambul, is also leading the restoration of the Old United States Post Office and Courthouse in downtown Miami. The redeveloped building will house Biscayne Brewing Co.