Moishe Mana is steaming forward on plans for Downtown Miami’s Flagler District after closing on five properties in the past week for $59.62 million. Construction is progressing at several other of his properties in the neighborhood as the demand for office, retail and entertainment spaces in Miami increases. Moishe Mana first acquired three buildings at 100 N Miami Avenue, 173 NE 1st Street and 124 NE 2nd Avenue for $25,375,000. Together the properties total 50,197 sq. ft., situated on 28,750 sq. ft. of land. One week later Mana acquired the Shoreland Arcade building and 1 West Flagler following the acquisition of another three buildings in the neighborhood just last week. The Shoreland Arcade is located at 120 NE 1st Street. and spans 89,994 sq. ft., situated on a 37,994 sq. ft. lot of land. It was acquired for $29.5MM and 1 West Flagler, a 7,900 sq. ft. building was acquired for $4,750,000.
“The Flagler District is the only destination fully equipped to respond to the sky-rocketing demand for office, retail and entertainment space. We’re moving forward with development and approaching completion of key assemblages, adding historic pieces that are central for carrying out our vision for this neighborhood,” said Moishe Mana.
Colliers Urban Core Division Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez represented both the buyers and sellers in each off-market transaction. The sellers of the first three building assemblage were SG&S Inc and Flexini Investments Inc. and the second properties were sold by Broks Center LTD.
“Transformative developments taking shape in downtown Miami, along with organic growth of quality retail and restaurants in the area, have resulted in a migration of people seeking a true work, live, play environment,” said Mattingly. “After years of being ignored by the investment community, everyone is rushing to own a piece of downtown Miami, fueling an insatiable desire for real estate in this submarket. Transactions like this are reducing the inventory available for investment, with very few opportunities of this size and scale remaining in downtown.”
Moishe Mana, CEO of Mana Common, is the largest private landowner in Miami with a significant assemblage of over 60 properties spanning more than 1.3 million square feet in downtown Miami’s Flagler District. Under his real estate division, Mana Properties, the visionary entrepreneur has begun construction on several sites in downtown Miami including at the Nikola Tesla Innovation Hub, the first building on track for completion.
“The Flagler District is on its way to becoming the best neighborhood in America,” said Moishe Mana. “We are turning the downtown core into Miami's economic engine. What the people of Miami really need are jobs-- high-paying, long-term, wealth-creating jobs, so those that built Miami into a global destination can benefit from its prosperity.”
As downtown Miami continues to flourish with the return of global capital and major developments underway, Moishe Mana intends to transform the neighborhood into a global hub for tech and innovation, connecting North and Latin American markets. The vision comes from a thoughtful intent to support commercial development in the downtown core as the demand for office and retail spaces in Miami increases.
‘The sleeping giant that was Downtown Miami is finally roaring awake after a hundred years of slumber,” said Mika Mattingly. “Downtown is evolving organically into the coolest place in Miami. What other location has those exquisite historical buildings?”
173 NE 1st St.
100 N Miami Ave.
124 NE 2nd Ave.