Stambul, a full-service boutique construction and development firm, has purchased 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 once home to La Epoca Department Store.
Stambul plans to transform the 50,000-sq.-ft. building into a multi-level entertainment complex. 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.
The redevelopment of the art deco-style, five-story building will include 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,” Stambul’s principal Daniel Peña Giraldi said in a statement. “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.”
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.