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.

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:

Moishe Mana's Mana Common Adds To Downtown Miami Portfolio With $12.375 Million Development Site Acquisition

Moishe Mana’s Mana Common has added to their Downtown Miami portfolio with the acquisition of a development site located at 49 NW 1st St. for $12.375 million. The 22,500 SF site is currently a parking lot. Andrew Mirmelli Company: M&M Parking was the seller. Colliers' Executive Managing Director Mika Mattingly of Colliers’ Urban Core Division represented both sides of the transaction.

“This transaction showcases how high the demand is for property in downtown Miami,” Mattingly said. “The transformative projects that are beginning to take shape in the area, along with the influx of residents and jobs, are attracting investors from all over the world. It continues to prove that now is the time to invest in the future of downtown Miami.”

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. The visionary entrepreneur recently acquired two additional properties in the area that is being transformed into a global hub for tech and innovation. In addition to the recent purchases, Mana Common has begun construction in several sites in downtown including at the Nikola Tesla Innovation Hub.

“We’re committed to reviving the Flagler District through sustainable revitalization,” says Moishe Mana. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.”

South Florida has continued to see an influx of residents from New York, California and other states seeking lower taxes, better weather, and a higher quality of life. Greater Downtown’s population was 92,235 people in 2018, a jump of 38% since 2010, according to a study from Miami’s Downtown Development Authority (DDA). Downtown and Brickell have also emerged as the top choice for the largest technology and financial firms. According to a recent report from the DDA, at least 700 new jobs are expected in the area over the next few years.

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'Le Rouge Lounge' Cabaret-Themed Nightclub Opens At Moishe Mana's Mana Wynwood Campus

Le Rouge Lounge, a new luxury, cabaret-themed nightclub, opened June 11 at a new event venue in Moishe Mana’s six acre Mana Wynwood campus. Mana Wynwood’s new event venue , which is located across from the Mana Wynwood Convention Center, is a French-inspired live entertainment venue which is the only Miami nightclub with a 360-degree, DJ "in the round" experience.

Led by MANA Common, the Convention Center is also undergoing a series of renovation include increasing the fiber optic capability, enlarging the entryways, adding more public restrooms, and improving service corridors and loading docks. The updates will also improve the flow of attendees and allow the Convention Center to better accommodate events. The renovations are expected to be completed by November.

“We see Wynwood as a prime destination for arts, culture and entertainment,” says Moishe Mana, CEO of Mana Common. “Events are key to breathe life into a neighborhood and sustain its vibrancy. We’re looking forward to unveiling these new improvements that facilitate social and cultural exchanges.”

“Mana Wynwood is a symbol of Miami’s arts and entertainment culture,” says Bruce Fischman, Wynwood Business Improvement District (BID) Board Member, Senior Advisor to Moishe Mana and Mana Common General Counsel. “We’re excited to present renovations that contribute to the neighborhood’s evolution and offer an improved cutting-edge experience to residents and visitors.”

Moishe Mana Gets $20.13 Million Loan To Build Mana Wynwood Americas-Asia Trade Center & International Financial Center

Moishe Mana has secured a $20.13 million construction loan to build Mana Wynwood Americas-Asia Trade Center & International Financial Center. The financing was provided by Centennial Bank to Malux Realty, Malka Realty and Mizrachi Holdings for properties at 2337 Northwest Fifth Avenue, 375 Northwest 23rd Street, 394 Northwest 24th Street and 382 Northwest 24th Street. Mana plans to build Mana Wynwood Americas-Asia Trade Center & International Financial Center which will feature 10 million SF of commercial space as a trade hub to encourage and facilitate trade between China, Asia, Latin America, North America and the Caribbean. The project will be built in multiple phases with phase 1 including developing 8.5 acres of Wynwood with 4.68 million SF of Class A office space, showrooms, retail, hotels and public space. The total project In 2016 Mana's special area plan for Wynwood was approved covering nearly 40 acres including 51,000 SF of civic space, 3,500 residential units, 8,500 parking spots, the 2.5 acre Mana Commons private park.  

Moshie Mana Expects To Break Ground In Wynwood In Early 2018

Moshie Mana expects to break ground and begin construction on his Wynwood development site within the next 3 months to show the city of Miami that he means business. Mana plans to build the Americas-Asia Trade Center & International Financial Center (TCIFC) where phase 1 of the project will include developing 4.68 million SF over the 8.5 acre site including 1 million SF of "Class A" office space, 75,000 SF of retail and restaurants, a 400-room hotel and 90,000 SF of public space including landscaped parks, gardens and walkways. Mana did not specify which buildings he will break ground on first, but the entire project is not expected to be completed in 2028. Last year, Mana fought back against the Wynwood Business Improvement District over allegations that they were cutting close to $30 million of public benefits from their Wynwood project. Mana says they will still provide $45 million of public benefits with few changes to their original proposal. They were cutting a $10 million cash payment to the commission that was in exchange for a height increase to 24 stories. Mana will still provide $7.5 million to the Overtown CRA and $2.5 million to the commission. They also fought back about claims that they would be changing the phases of the project and were sticking to their original plan. Mana is looking for investors for the Wynwood project and has spent over $350 million on real Estate in Miami, mostly in Wynwood and Flagler Street in Downtown Miami.

Mana to Bring New Mixed-Use Tower Including Hotel to Downtown

Moishe Mana has made a deal with the City of Miami to construct a mixed-use tower at his 240 N Miami Avenue Downtown site. The deal will allow him to use a section of the much larger Miami Parking Authority property adjacent to his 14,000 SF. The MPA had originally given the rights to the land to Grand Station, who subsequently subleased the rights to Mana. Mana's proposal will be a mixed use building including a 150-room hotel office space, residential units, retail space.

Mana Fights Back Against Wynwood Business Improvement District Allegations

Mana fought back against the Wynwood Business Improvement District over allegations that they were cutting close to $30 million in public benefits from their Wynwood project. They saw they will still provide $45 million of public benefits with few changes to their original proposal. They were cutting a $10 million cash payment to the commission that was in exchange for a height increase to 24 stories. They will still provide $7.5 million to the Overtown CRA and $2.5 million to the commission. They also fought back about claims that they would be changing the phases of the project and were sticking to their original plan. 

Public Benefits As Per Mana:

The Mana Wynwood SAP will grow the arts and design community while preserving the community’s unique character. Beyond residences and commercial buildings, the Mana Wynwood SAP includes more than $45 million in public benefits to the Wynwood neighborhood and surrounding communities. The breakdown of public benefits and contributions includes nearly $7 million to the Overtown CRA, $5.5 million annually to the Omni CRA through tax increment funds, and $35 million to the Wynwood community — including $2.5 million in cash for bonus height to the Wynwood BID.

Benefits to the Wynwood community include:

• Nearly 2.5 acres of centralized, public open space — the Mana Commons.
• A unified and vibrant streetscape for an enhanced pedestrian experience within the SAP and bordering streets.
• Extensive road improvements, including drainage and road rehabilitation.
• A newly constructed fire station and rescue facility for the City of Miami.
• Renovated and upgraded infrastructure serving the SAP Area and Wynwood, including drainage, sewer, fire services, and water mains.
• Underground or relocated overhead FP&L power lines.
• A public transit stop, which will contain bicycle racks.