News
GBX Group Announces the Acquisition and Preservation of a Portfolio of Historic Commercial Properties in Downtown Miami
GBX Group
March 26, 2026
Miami

Partnership with the Florida Trust for Historic Preservation will protect at-risk historic buildings increasingly surrounded by skyrises and new construction 

MIAMI, FL - GBX Group LLC proudly announces the acquisition of a portfolio of historic properties in Miami, including the Bell Building at 108 South Miami Ave., adjacent commercial buildings at 100, 116, 122 South Miami Ave., and the office building at 235 Southeast 1st Street. A GBX company partnered with the Florida Trust for Historic Preservation to protect the properties with historic preservation agreements, which are designed to permanently protect the buildings’ historical façades. Plans include engaging local partners to preserve and adaptively reuse these structures, blending historic preservation with modern development.  

“Downtown Miami has experienced significant redevelopment in recent decades, much of which has resulted in the loss of historic buildings. GBX Group is excited to partner with the Florida Trust for Historic Preservation to protect this portfolio of historic architecture in a growing market where skyrises and new construction dominate the cityscape,” said Drew Sparacia, Founder and CEO of GBX Group. “The Bell Building and surrounding properties are increasingly rare examples of the city’s early commercial history. Our approach is to stabilize, preserve, and thoughtfully reinvest in repositioning these historic assets so they contribute to downtown Miami rather than being razed and replaced by new construction.”

By leveraging various federal, state, and local incentive programs—such as historic tax credits and historic preservation agreements—GBX Group and project partners can access critical, non-traditional financing sources that make preserving these historic properties economically viable. A GBX fund managed by GBX Fund Management Ltd. acquired the properties, marking the first historic properties that GBX companies have acquired and protected in Miami.  

The Bell Building Historic Information and Improvement Plans 

The Bell Building is a contributing resource within the Downtown Miami Historic District and is listed on the National Register of Historic Places. The structure exemplifies Masonry Vernacular architecture, a common commercial style in early twentieth-century Miami. Within an area that has experienced significant change over time, the Bell Building remains one of the few intact historic commercial structures from this period in its immediate surroundings. 

Plans to complete structural stabilization work to support the Bell Building and adjacent commercial buildings’ long-term preservation and usability are in progress. Following stabilization, additional capital will be invested in tenant improvements and landlord-led buildouts, positioning the property for continued commercial use that complements the surrounding pedestrian environment. 

“You only have to look up and around the Bell Building and this portfolio of historic commercial structures to understand that these buildings from a prior era in Miami’s history are at risk and in need of preservation,” said Brian Cappelli, President of Real Estate at GBX Group. “Buildings like this are finite resources and wouldn’t be saved without partnerships between the preservation community and developers skilled in leveraging historic preservation tax incentives and tools. Preserving and reinvesting in these properties ensures that downtown Miami retains an authentic connection to its commercial past while remaining relevant in the future.”

235 SE 1st Street Historic Information and Improvement Plans 

The building at 235 SE 1st Street is a contributing commercial-style structure within the Downtown Miami Historic District. Developed as downtown Miami evolved into a more concentrated business center, the building reflects the vertical form and expansive window openings characteristic of early twentieth-century commercial architecture. 

The property is currently operating as an office and retail space with plans to pursue a phased improvement approach focused on maintaining the building’s historic character, while enhancing functionality to support long-term occupancy. 

“The Downtown Miami Historic District tells the story of the city’s rapid growth and transformation throughout the twentieth century,” said Melissa Wyllie, President and CEO of the Florida Trust for Historic Preservation. “Preservation agreements play an essential role in protecting historic buildings within evolving urban environments, and we are proud to partner with GBX Group to ensure this property remains part of Miami’s architectural and cultural legacy.”

About GBX Group LLC  

GBX Group LLC specializes in acquiring, preserving and operating historic real estate in urban markets. The company partners with investors to fund the acquisition and preservation of historic real estate with the goal of generating community revitalization and economic growth. As of January 2026, GBX has been involved in 216 real estate projects in 24 states. For more about GBX, visit gbxgroup.com/.  

About Florida Trust for Historic Preservation 

The Florida Trust for Historic Preservation is the statewide nonprofit dedicated to protecting Florida’s extraordinary heritage and history. Founded in 1978, the Florida Trust has collaborated to save irreplaceable Florida treasures like the Historic Florida Capitol and is a statewide partner of the National Trust for Historic Preservation. For more information, visit https://floridatrust.org/. 

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Contact: Kelsey Sparacia

Public Affairs & Marketing Associate

kelseysparacia@gbxgroup.com

513-432-6156