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 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.

Moshie Mana and the Wynwood Business Improvement District at Impasse Over Last Minute Changes

There has been a major shake-up between Moshie Mana and the Wynwood Business Improvement  District (BID) as the developer aims to shave off $7.5 million in funds that were allocated for public benefits. The BID estimates that the public may loose out on close to $30 million in public benefits in total due to the last minute changes. The two parties have been in intense negotiations for months and it had appeared that they had reached an agreement. The developers were also seeking looser development, building and zoning restrictions.  

“If the Mana team is determined to go through with these changes in their current form, I would recommend that we withdraw our support. That’s not to say that there aren’t other changes that can be negotiated. Perhaps they’ll come up with a new or modified plan.”

- David Polinsky, Chairman, BID Planning Committee 

The major parts of the development at risk are the order of development agreed upon, the Mana Commons public space and a $10 million pledge towards public benefits. Originally he would build at least 35% of the public cultural areas on the eastern half of the project which include the Mana Commons. Should he complete those milestones they would be able to build up to 24 stories in the west half of the project.  

Official Release:

Wynwood Business Improvement District (BID) Holds Special Board Meeting to Address Latest Zika Advisory and Attempt by Developer Moishe Mana to Deprive Wynwood of Millions of Dollars in Public Benefits

Dr. Lillian Rivera of Florida Department of Health to Address State’s Zika Response

Wynwood Community Dismayed that Developer Moishe Mana has Reneged on his Commitment to the Neighborhood

WHAT: The Board of the Wynwood Business Improvement District (BID) will host a special board meeting in which Dr. Lillian Rivera of the Florida Department of Health will discuss the latest advisory regarding Zika cases and how the government is addressing the issue in Wynwood.

The Wynwood BID will also seek answers from representatives of real estate developer Moishe Mana’s eleventh-hour changes to his Special Area Plan (“SAP”) proposal for a major Wynwood development project that may result in the neighborhood losing out on close to $30 million in public benefits, including more than $7 million in previously-agreed-to funds for the greater Wynwood area. These last-minute changes come after a year of negotiations with the Wynwood BID and at a time when the neighborhood is suffering significantly due to Zika-related issues.

WHO: Wynwood Business Improvement District (BID) Board
Dr. Lillian Rivera, Florida Department of Health, Miami-Dade Office
Representatives, Mana Wynwood project

WHEN: Wednesday, August 24, 2016
2:00 p.m.

WHERE: Wynwood BID Offices
310 Northwest 26th Street, Suite 1
Miami, FL 33127

Moshi Mana's "Pod" Style Downtown Microliving Proposal

Moshie Mana continues to propose unique, innovative projects to Miami. His Downtown, North Miami Ave. 49-story development will be true, urban microliving popular in densely populated cities. Most of the units will be "pod" style, under 500 SF, will not have full kitchens and furniture features will be built into walls. Renters in the 328 unit project will be able to use shared common area and other amenities. Pricing is expected at $900 a month for a microunit.