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Investment Highlights

  • Historic landmark: 1936/37 Walgreens Building; National Register of Historic Places
  • Multi-level concept: Floors 1–3 food hall, Floors 4–5 office/coworking, rooftop, basement speakeasy/music bar
  • Upside / incentives: 10-year historic tax abatement + remaining TDD/TDR potential
  • 2024 repositioning: renovated + reintroduced as food hall & entertainment destination
  • Prime Downtown Miami corner: E Flagler St & SE 2nd Ave; Walk Score 96 / Transit Score 100

Executive Summary

Located at the epicenter of Downtown Miami, 200 Flagler—situated at 200 E Flagler Street—stands as a distinguished five-story Art Deco landmark originally constructed in 1936 as the historic Walgreens Building. Listed on the National Register of Historic Places, this architectural icon was thought fully repositioned in 2024 into a vibrant food hall and entertainment destination. Today, 200 Flagler presents a rare opportunity town a reimagined historic asset at the very heart of Miami’s urban core—blending cultural heritage with modern activation potential. For the right operator or investor, the property offers exceptional scalability and the ability to drive both sustained foot traffic and meaningful income potential.

Property Facts

Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
48,205 SF
Building Class
B
Year Built
1937
Percent Leased
43%
Tenancy
Multiple
Building Height
5 Stories
Building FAR
5.00
Lot Size
0.22 AC
Zoning
CBD, 6401 - High-density mixed-use development including commercial, residential, and office uses in downtown Miami.

Space Availability

  • Space
  • Size
  • Space Use
  • Position
  • Available
  • 1st Floor
  • 8,296 SF
  • Restaurant
  • -
  • Now

Prime Flagler Street frontage in the heart of downtown Miami offers exceptional visibility and is steps from Bayfront Park, Brightline, Brickell, and major tourist destinations that drive constant daily foot traffic. The property is an iconic, irreplaceable historic building from 1936, featuring architectural character that enhances brand presence and the customer experience. It offers turnkey food and beverage and retail infrastructure with existing commercial kitchens, bar build-outs, and modern systems, making it ideal for restaurant, hospitality, or experiential concepts. Multiple floors can be delivered vacant, allowing tenants the flexibility to design, brand, and open quickly with minimal downtime. The asset is positioned within a $30 million Flagler Street streetscape revitalization that is transforming the corridor into downtown’s premier pedestrian retail and dining destination. The area is supported by strong population and tourism growth, creating a true 24/7 consumer base of residents, office workers, hotel guests, and cruise passengers.

  • 2nd Floor
  • 7,112 SF
  • Restaurant
  • -
  • Now

Fully built out as a multi-tenant food hall featuring a central bar, kiosks, kitchen space and restrooms.

  • 3rd Floor
  • 7,083 SF
  • Restaurant
  • -
  • Now

Fully built out as a multi-tenant food hall featuring a central bar, kiosks, kitchen space and restrooms.

  • Rooftop
  • 4,826 SF
  • Restaurant
  • In-Line
  • Now

This turnkey rooftop restaurant opportunity features a fully built-out food and beverage space in the heart of downtown Miami. The venue offers approximately 130 total seats, including 70 interior seats and 60 exterior seats with sweeping skyline views. The fully equipped kitchen layout includes walk-in coolers, a dedicated dishwasher room, service zones, and an outdoor bar designed for efficient operations. Located in Miami’s Flagler District, the property is surrounded by Brightline, Bayside, Kaseya Center, and Miami Worldcenter. The space benefits from high visibility and strong foot traffic driven by the Flagler Street redevelopment and nearby cultural landmarks. Two ADA-compliant restrooms are included, featuring both family and unisex layouts with stylish finishes. This space is well suited for elevated concepts such as rooftop dining, lounges, or experiential hospitality brands.

Space Size Space Use Position Available
1st Floor 8,296 SF Restaurant - Now
2nd Floor 7,112 SF Restaurant - Now
3rd Floor 7,083 SF Restaurant - Now
Rooftop 4,826 SF Restaurant In-Line Now

1st Floor

Size
8,296 SF
Space Use
Restaurant
Position
-
Available
Now

2nd Floor

Size
7,112 SF
Space Use
Restaurant
Position
-
Available
Now

3rd Floor

Size
7,083 SF
Space Use
Restaurant
Position
-
Available
Now

Rooftop

Size
4,826 SF
Space Use
Restaurant
Position
In-Line
Available
Now

1st Floor

Size 8,296 SF
Space Use Restaurant
Position -
Available Now

Prime Flagler Street frontage in the heart of downtown Miami offers exceptional visibility and is steps from Bayfront Park, Brightline, Brickell, and major tourist destinations that drive constant daily foot traffic. The property is an iconic, irreplaceable historic building from 1936, featuring architectural character that enhances brand presence and the customer experience. It offers turnkey food and beverage and retail infrastructure with existing commercial kitchens, bar build-outs, and modern systems, making it ideal for restaurant, hospitality, or experiential concepts. Multiple floors can be delivered vacant, allowing tenants the flexibility to design, brand, and open quickly with minimal downtime. The asset is positioned within a $30 million Flagler Street streetscape revitalization that is transforming the corridor into downtown’s premier pedestrian retail and dining destination. The area is supported by strong population and tourism growth, creating a true 24/7 consumer base of residents, office workers, hotel guests, and cruise passengers.

2nd Floor

Size 7,112 SF
Space Use Restaurant
Position -
Available Now

Fully built out as a multi-tenant food hall featuring a central bar, kiosks, kitchen space and restrooms.

3rd Floor

Size 7,083 SF
Space Use Restaurant
Position -
Available Now

Fully built out as a multi-tenant food hall featuring a central bar, kiosks, kitchen space and restrooms.

Rooftop

Size 4,826 SF
Space Use Restaurant
Position In-Line
Available Now

This turnkey rooftop restaurant opportunity features a fully built-out food and beverage space in the heart of downtown Miami. The venue offers approximately 130 total seats, including 70 interior seats and 60 exterior seats with sweeping skyline views. The fully equipped kitchen layout includes walk-in coolers, a dedicated dishwasher room, service zones, and an outdoor bar designed for efficient operations. Located in Miami’s Flagler District, the property is surrounded by Brightline, Bayside, Kaseya Center, and Miami Worldcenter. The space benefits from high visibility and strong foot traffic driven by the Flagler Street redevelopment and nearby cultural landmarks. Two ADA-compliant restrooms are included, featuring both family and unisex layouts with stylish finishes. This space is well suited for elevated concepts such as rooftop dining, lounges, or experiential hospitality brands.

Exceptionally walkable
90/100
Very drivable
80/100
Exceptional public transit
100/100
Moderately bikeable
60/100

Nearby Major Retailers

CrossFit
Starbucks
Whole Foods
Chase Bank
Ocean Bank
Regions Bank
Amerant Bank
Bank of America
The Capital Grille
Giardino Gourmet Salads

Property Taxes

Property Taxes

Parcel Number
01-0112-000-1030
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$7,436,960
  • Listing ID: 39066569

  • Date on Market: 1/13/2026

  • Last Updated:

  • Address: 200 E Flagler St, Miami, FL 33131

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