Miami-Dade County to Pay $182M for Old Office Complex
By Julia Echikson June 6, 2024 1:50 pm
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Miami-Dade County is buying an aging office complex for $182 million, following a controversial first offer that would have seen the local government pay about 11 percent more.
Miami-Dade County commissioners unanimously approved a deal this week to purchase Flagler Corporate Center, a 671,088-square-foot office building at 9250 West Flagler Street in the unincorporated neighborhood of Fontainebleau.
The approval comes about six months after Miami-Dade Mayor Daniella Levine Cava’s administration deferred a vote on the $365 million purchase of two office buildings, including the Flagler Corporate Center, following public outcry.
The combined sale price of the buildings was about $133 million more than their appraised value when the buildings became fully leased, according to reports the county commissioned. In recent years, Florida Power & Light vacated Flagler Corporate Center, leaving it 80 percent vacant. In that case, appraisers pegged the value of the property at $110 million.
Now, the county is set to pay $23 million less than the original $205 million the Cava administration proposed. The purchase, which has yet to close, will allow the county to consolidate its permitting departments under one roof. The county plans to spend $74 million renovating the complex, which was completed in 1974.
The surface parking lot of the Flagler Corporate Center, which sits on 19 acres, could be turned into affordable and workforce housing, according to the commissioner’s vote.
Julia Echikson can be reached at jechikson@commercialobserver.com.
