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 Miami, FL- On the heels of securing a $30 million acquisition and construction loan from Mellon Bank to refurbish the Morris Lapidus-designed One Flagler office tower, Apex DMG (Development & Management Group) announces today that construction is well underway on the 15-story, 145,000 square-foot landmark building.
General contracting firm Cobo Construction Corp has been retained to carry out the multi-million renovation of the mixed-use One Flagler which features for-sale office condominiums, as well as for-lease office and retail space.
“One Flagler presents a tremendous opportunity for small and mid-size professional service firms and jewelers to own or rent, at an attainable price point, in the heart of downtown Miami,” said Jeremy Green, managing partner of Apex DMG. “Within the next five years, there will be more than 20,000 new residential units in and around downtown’s Central Business District (CBD), along with new high-end retail and restaurants to match the vibrant market demand within the area.
The CBD has the potential to become one of America’s great urban downtowns, alongside Chicago, Boston and New York, and we’re excited that the landmark One Flagler office tower is playing a part in the area’s historic revitalization and eventual transformation into a world-class city.”
One Flagler’s dramatic transformation includes a completely renovated modern lobby and upgraded hallways, both of which were completed in mid-January. Other interior improvements include floor-to-ceiling windows featuring panoramic downtown views, contemporary common areas with ergonomic restrooms and high-tech security upgrades with 24-hour surveillance. In addition to aesthetic refurbishments, infrastructure upgrades include a new roof, custom office build-outs per tenant and owner specification, state-of-the-art high-speed elevators, upgraded HVAC and dedicated jewelry floors with industry-specific technical and security improvements.
The entire renovation is slated for completion by mid-2008. General contractor Alex Cobo consulted Morris Lapidus’ original building blueprints in preparation for the renovation, citing superior architecture and meticulous planning as reasons for the durability of One Flagler’s exterior.
“We’re taking a beautifully designed building and modernizing it without impacting the original design intent of Lapidus,” said Alex Cobo of Cobo Construction Corp.
Located at the corner of Flagler Street and NE First Avenue – adjacent to the Seybold Building in the heart of the Central Business District – One Flagler is being marketed to jewelers, professional service firms and long-term commercial real estate investors, who are being offered full floors already tenanted with existing users. Designed by famed architect Morris Lapidus and built in 1952, the landmark office building features for-sale, built-to-suit office suites ranging in size from 200 square-feet to 12,000 square-feet, and priced at an attainable $300 to $400 per square foot.
“As rental rates continue to rise, the option to buy attainable professional office space in the heart of Miami’s urban core is a compelling alternative for boutique and mid-size professional service firms,” said Green. “One Flagler’s smaller units are perfect for jewelers, many of whom are currently tenants in the building, as well as boutique professional service firms. The upper floors, with large areas of contiguous space and breathtaking views, will be ideal for larger professional offices, such as mid-size law or accounting firms.”
With more than 15,000 square-feet of prime retail space available for lease, the ground-floor retail component of One Flagler will fit right in with the city’s revitalization venture. Plans for hip urban fashion retailers, restaurants and a bank will bring energy and sophistication to Flagler Street, the epicenter of the CBD. With so many downtown condominiums soon to be occupied, local leaders and stakeholders alike expect that downtown Miami will reach its potential as the bustling center of retail commerce, business and popular culture in Dade County.
Amenities include One Flagler’s prime location in the heart of downtown’s retail, service, legal and jewelry district; easy access to Metrorail and Metromover; valet parking; abundant convenient drop-off/pick-up lane for passengers on NE First Avenue. Additionally, municipal parking is conveniently located nearby.
Apex DMG (Development & Management Group) is a real estate development firm focused on the development of architecturally innovative properties in emerging urban neighborhoods. The development team includes PIX Holdings, a commercial real estate services firm specializing in office, industrial and retail real estate; John Marquette Design, an interior design firm specializing in commercial architecture and interiors; and investment partner Park National Capital.
Cobo Construction Corp. is a licensed general contracting and construction services firm which began operations in 2002. Cobo Construction has built a solid reputation as a professional, customer oriented company, serving the commercial improvement market and performing residential improvements in NW Miami. Over the last five years operations have grown to include serial construction of infill homes in Miami Dade County, residential projects, and commercial improvements, renovations and conversions.
The One Flagler sales office is located at 14 NE First Avenue, Suite 1205. For more information visit www.oneflagler.com.
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