Ken Griffin Acquires $1.1 Billion Mana Wynwood Portfolio in Largest Land Assemblage Deal in Florida History
Wynwood is set for another major transformation following the $1.1 billion sale of the Mana Wynwood portfolio to billionaire Citadel founder and CEO Ken Griffin, marking the largest land assemblage transaction in Florida history and paving the way for a new 35-acre Carnegie Mellon University campus in Miami.
Wynwood is set for another major transformation following the $1.1 billion sale of the Mana Wynwood portfolio to billionaire Citadel founder and CEO Ken Griffin, marking the largest land assemblage transaction in Florida history and paving the way for a new 35-acre Carnegie Mellon University campus in Miami.
The transaction transfers one of Wynwood's largest consolidated property assemblages from investor and developer Moishe Mana to Griffin. Rather than pursuing a conventional mixed-use redevelopment of the sprawling portfolio, the property is planned to become Carnegie Mellon University Miami, establishing a major new academic, research and innovation hub within the neighborhood.
The Miami campus is part of Griffin's newly announced $3 billion commitment to Carnegie Mellon University, with approximately $2 billion dedicated to establishing the university's Miami presence, including the value of the Wynwood real estate.
Carnegie Mellon plans to begin enrolling students in Miami in 2028, with the campus eventually expected to accommodate more than 3,500 students, approximately 300 faculty members and more than 600 staff. Construction could begin as early as next year.
The new campus is planned to incorporate research facilities and spaces connecting academia with industry and entrepreneurship. Carnegie Mellon is internationally recognized for programs including computer science, artificial intelligence, engineering and robotics.
The acquisition encompasses approximately 35 acres in Wynwood, including the property associated with Mana Wynwood at 318 NW 23rd Street. The existing complex is anchored by a convention center and has become a major destination for events including the III Points music festival.
The transaction arrives as Wynwood continues its evolution from an industrial and arts district into one of Miami's fastest-growing mixed-use and residential neighborhoods. New condominium and multifamily developments, offices, hotels, restaurants and retail have introduced a growing permanent population to an area once dominated by warehouses, galleries and nightlife.
A university campus of this scale introduces another major component to that transformation. Thousands of students, faculty and staff could establish a substantial year-round population while generating additional demand for housing, restaurants, retail and businesses throughout Wynwood and surrounding neighborhoods.
Griffin had already expanded his presence in Wynwood earlier this year through the acquisition of the 545Wyn office building at 545 NW 26th Street for more than $180 million alongside Goldman Properties.
The $1.1 billion acquisition and planned 35-acre Carnegie Mellon University Miami campus represent a significant new chapter for Wynwood, adding education, research and technology to a neighborhood already undergoing substantial residential and commercial growth.
Past PROFILEmiami articles about Ken Griffin and Moishe Mana’s Miami real estate investments:
Fortune International Group Acquires Development Site On Pompano Beach Waterfront For $27.5 Million
Fortune International Group, led by Edgardo Defortuna, has acquired 4.61 acres of waterfront land in Pompano Beach, Fla., with plans to construct a pair of high-end condominiums on the site. The property is a combination of two adjacent parcels at 1380 South Ocean Blvd., a rarity for the area featuring 500 total feet of waterfrontage and coveted direct access to the beach as well as Biscayne Bay via the Intracoastal Waterway.
Fortune International Group, led by Edgardo Defortuna, has acquired 4.61 acres of waterfront land in Pompano Beach, Fla., with plans to construct a pair of high-end condominiums on the site. The property is a combination of two adjacent parcels at 1380 South Ocean Blvd., a rarity for the area featuring 500 total feet of waterfrontage and coveted direct access to the beach as well as Biscayne Bay via the Intracoastal Waterway. Fortune International Group purchased the site from Lionheart Capital for $27.5 million.
“The sheer fact that there are so few waterfront sites of this magnitude available anywhere along the South Florida coastline -- from South Beach to Palm Beach -- makes this an extremely appealing opportunity for homebuyers,” continued Defortuna. “Furthermore, residents are going to have the best of both worlds: the ability to put their boat in the water, or enjoy a day on the beach.”
Plans for the project are expected to be unveiled in the first half of 2021. A 30-story tower is approved for the site on the ocean and a 12-story building on the Intracoastal. The complex will be comprised of 239 residences and the property will feature a private marina and shared beachfront amenities.
“On the heels of our success at Auberge, which is located just a few minutes south of this site, we plan on bringing a world-class project to Pompano Beach -- one that will offer a very unique lifestyle for the benefit of local residents as well as those who are relocating to South Florida, such as Northeast and Canadian buyers,” said Edgardo Defortuna, President and CEO of Fortune International Group.
Avison Young Lists Portfolio of Five South Florida Development Sites For $80 Million
Avison Young’s Florida Capital Markets Group has been exclusively selected to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings can be packaged together as a portfolio for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers.
Avison Young’s Florida Capital Markets Group has been exclusively selected to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings can be packaged together as a portfolio for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers.
The investment opportunities include 3550 Biscayne, a Fort Lauderdale Beach development site, an Oakland Park development site on Fort Lauderdale’s main retail corridor, a Dania Beach development site and a Miami Gardens development site near the Palmetto Expressway. Michael T. Fay will lead the sales of the development sites along with Avison Young Principals David Duckworth; John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth.
“We’ve seen continued interest in investments, particularly in land,” said Fay, Principal and Managing Director of Avison Young’s Miami operations. “It’s easier today to assess risk for land which better positions the future developments of those types of deals.”
“The increasing number of New Yorkers and residents from other large cities migrating to Florida due to effects of the pandemic is one major factor contributing to the investment interest we’re seeing,” added Fay.
3550 Biscayne is a 1.62-acre mixed-use development assemblage encompassing two bocks at the intersection of Biscayne Boulevard and N.E. 36th Street. The property, located at 3550 Biscayne Blvd. in Miami, Florida, rests on the edge of Miami’s Edgewater, Midtown, and Design District neighborhoods. An investor could construct an iconic 60-story tower with multiple uses, including up to 392 residential units.
The Palmetto Expressway development site is a 1.32-acre development site at 3700 N.W. 167th St. in Miami Gardens, Florida. The property could potentially host an impressive 10-story structure with up to 132 multifamily units, office, and retail components.
The Fort Lauderdale Beach development site is a 1.25-acre development site at 2908 E. Sunrise Blvd. on Fort Lauderdale Beach, steps from the Atlantic Ocean. The site has potential for a 12-story mixed use project consisting of retail, multifamily, and hotel uses.
The Oakland Park property a 2.11-acre site plan approved for a project known as O2, a mixed-use development located within Fort Lauderdale’s premier retail corridor at 3411 N. Federal Highway in Oakland Park, Florida. The property is approved for 165 residential units with world-class amenities, 31,705 square feet of ground-floor retail and a parking garage.
The Dania Beach development site is a 7.2-acre site plan approved for a six-story, 275-unit apartment complex. The property at 4200 S.W. 54th Court in Dania Beach, Florida, is walking distance from the Seminole Hard Rock Casino and Hotel. The offering presents the opportunity to develop rental apartments and capitalize on the imbalance of high demand and lack of supply within the area.
The five development sites come to market on the heels of another recently launched South Florida listing: Le Jeune Station, a 2.79-acre site priced at $16.5 million near Miami International Airport and Coral Gables.
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Wynwood is set for another major transformation following the $1.1 billion sale of the Mana Wynwood portfolio to billionaire Citadel founder and CEO Ken Griffin, marking the largest land assemblage transaction in Florida history and paving the way for a new 35-acre Carnegie Mellon University campus in Miami.