Downtown Miami’s historic One Flagler office condominium has reached the 50 percent sales mark just three months after hitting the market, becoming the latest sign of Miami’s growing appeal among international businesses. The news comes as largescale renovations to the 15-story boutique building’s common areas and individual offices are well underway.
Located at the intersection of Flagler Street and NE First Avenue, the 143,000- square-foot Morris Lapidus-designed building has been a downtown Miami icon since opening in 1952. The property’s conversion to office condos in 2014 marked an opportunity for companies to own a piece of Miami’s legendary mainstreet. Since then more than 70,000 square feet of space has been reserved by investors and end-users, with prices ranging from $300 to $375 per square foot.
Miami-based development firm Newgard Development Group formed a joint venture with Midgard Management, the building’s owner and manager, to convert the landmark building to office condos in 2014. Since then, the firms have invested $10 million in upgrades to One Flagler’s offices and common areas, with renovations currently being made to the building’s lobby, restrooms, elevators, and electrical and HVAC systems.
“We felt there would be strong buyer demand for downtown Miami office space, and the sales activity we’ve seen over the past 90 days supports that,” said Harvey Hernandez, chair and managing director of Newgard Development Group. “Companies see value in locating their office along Miami’s ‘Main Street.’ And with significant streetscape upgrades set to come online over the next two years, that demand will only grow with time.”
Much more than a place to conduct business, One Flagler also represents a viable investment opportunity for buyers wishing to own a piece of Downtown Miami.
“The downtown Miami office market is growing tighter by the day, with absorption increasing and little coming online by way of new supply,” Hernandez added. “One Flagler offers investors an opportunity to generate immediate income from an irreplaceable asset — at a fraction of the price of many residential condos nearby.”
Building amenities include shared conference rooms, a tenant lounge and a juice bar, valet parking, 24-hour security, front desk/reception, fiber optic connectivity for high-speed Internet and communication, and views of the downtown Miami skyline and Biscayne Bay.
Flagler Street has been downtown Miami’s chief thoroughfare dating back to the city’s founding. The Miami Downtown Development Authority’s Flagler Street Task Force — composed of property owners, businesses, and residents — has developed a plan for the redevelopment of the street which includes widening and leveling sidewalks, adding shade trees, and introducing other pedestrian amenities that will improve walkability.
Situated in the heart of downtown Miami’s bustling Central Business District, One Flagler is surrounded by the region’s top financial institutions, leading businesses, county/state/federal courthouses, and major government facilities. The building also is just minutes away from the Brickell Financial District and close to numerous hotel properties, as well as the planned major mixed-use development Miami Worldcenter. The office building is accessible to nearby highways and minutes from the All Aboard Florida Downtown Station, a multimodal hub station in Miami that is under construction and will serve as the flagship of the city’s express, intercity passenger rail service operation.
Buyers and agents interested in learning more about One Flagler can visit the building’s new sales center located at 14 NE First Ave., Suite 1205, Miami Florida 33132.
For more information or to schedule an appointment, contact Fabio Faerman of Fortune International Realty at 305-603- 9776 or visit online at www.oneflaglermiami.com.