One Flagler office condo to begin closings

Units range from $200,000 to $3.15 million

TRD MIAMI /
Sep.September 04, 2015 02:15 PM

A newly converted office tower in downtown Miami will begin recording closings next week as the supply of office condos increases, The Real Deal has learned.

One Flagler, a 15-story building at 14 Northeast First Avenue, is 70 percent presold, according to Fabio Faerman, of Fortune International Realty. Buyers include existing tenants, investors from Argentina, Uruguay, Colombia, Venezuela, Brazil, Ecuador, France, Israel, Canada and Miami, he said.

The building has 143,000 square feet, with units priced for an average of $345 per square foot. They ranged from $200,000 to $3.15 million, Faerman told TRD. It was originally built in 1952 by iconic modernist architect Morris Lapidus, known for his hotel designs such as the Fontainebleau and Eden Roc in Miami Beach, and sits on a 12,600-square-foot lot.

Newgard Development Group and Midgard Management, the building owner, entered into a joint venture to convert the building into office condos in late 2014. The developer put $10 million in upgrades into the building, starting with the top-floor office units and working down to the lobby. Renovations include upgrades to the lobby, restrooms, elevators, HVAC and electrical systems.

One Flagler is among a handful of office condo projects in South Florida. Among them: Ofizzina in Coral Gables, Aventura ParkSquare and Forum Aventura.

“The office condo market is good for buyers who want to locate some money in a safe investment, with typical returns of 5 percent and up,” Faerman told TRD.


Related Articles

arrow_forward_ios
One Thousand Museum and Ravichandra Saligram 

Consumer conglomerate CEO buys condo at One Thousand Museum

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Harvey Hernandez and Michael Patrizio

Newgard hires Terra exec as SVP of development

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

One Thousand Museum and Krinos owner Eric Moscahlaidis

Krinos Foods owner revealed as buyer of One Thousand Museum condos

Related Group building at 315 Biscayne Boulevard and Jorge Pérez (Credit: Google Maps)

Related Group lists downtown Miami HQ

arrow_forward_ios
Loading...