1 NE 1ST STREET, MIAMI, FLORIDA
The Historic Walgreen’s Building, located at 200 East Flagler Street, has traded to developer Daniel Pena, owner of the nearby Langford Hotel, in a $19.75 million sale.
The Urban Core Division marketed the property on behalf of the seller Habitat Development Corp, owned by the Alonso Family of La Epoca Department Store.
The sale comes less than three years after Pena completed the restoration and construction of the 126-room Langford Hotel located at 121 Southeast First Street. The Historic Walgreens Building sits on a 9,120 square foot lot at the corner of Flagler Street and Southeast 2nd Avenue. The five-story property’s historic designation allows for the sale of Transfer ofDevelopment Rights (TDRs) under current zoning regulations totaling 244,755 square feet.