Downtown Miami’s historic One Flagler office condominium has reached the 50% 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 large-scale 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 1st 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 main street. Since then more than 70,000 square feet of space has been reserved by investors and end-users, with prices ranging from $300-$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,” says Harvey Hernandez, Chairman 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,” adds Hernandez. “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.