The Real Deal Miami

Downtown office building gets $10M conversion

The downtown Miami building will reopen as office condos

October 07, 2014 03:00PM

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14 NE First Avenue in downtown Miami

14 NE First Avenue in downtown Miami

A 1952 Morris Lapidus-designed building in downtown Miami is going office condo.

Previously known as the Ainsley building and the Foremost building, One Flagler, a 15-story building at 14 NE First Avenue, will first see $10 million in interior upgrades, according to the Miami Herald.

Miami developer Harvey Hernandez’s Newgard Development is taking on the project in a joint venture with Midgard Management, the building’s owner and manager.

The MiMo building currently houses a branch of Continental Bank and various law and investment firms.

“The building needed to be renovated, and we said: ‘How can we renovate this building but at the same time make some business sense?’” Hernandez told the newspaper.

“The upgrades we have been making are very systemic, but we have been paying attention to details and leaving the most historic features,” said James Goldstein, CEO of Midgard. [Miami Herald]Christopher Cameron

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