Mana has spent more than $200M in downtown
Miami's Flagler district
He’s not done just yet. Developer Moishe Mana
has added to his downtown Miami portfolio of properties with the purchase of a
parking lot on Southwest First Street.
Mana paid $4.55 million for the
10,117-square-foot lot at 115 Southwest First Street, or $450 per square foot,
broker Mika Mattingly told The Real Deal.
Mattingly, of Sterling Equity Realty,
represented Mana’s Jersey Art Holdings, as well as the seller, Moseley
Properties LLC. The transaction closed on Saturday.
The seller is a Buckingham, Virginia-based LLC
led by Donald Moseley. Previous sales information for the property was not
available in Miami-Dade County property records.
Mana previously told TRD he and
members of his team have been working with the city of Miami to craft a master
plan for future development and to create land-use entitlements.
He intends to do construction in phases.
For now, he plans to renovate existing structures from
the 1920s and later.
In downtown, he last paid a combined $8.19
million for a building and two lots on Flagler
Streetin October. The developer, who is also active in Wynwood, has
spent more than $200 million for 38 properties on or near Flagler
Street in downtown Miami. They total more than 805,500 square feet, according
to Mattingly.
In July 2014, Miami-Dade County
commissioners unanimously approved funding nearly half of a$13 million improvement plan for
Flagler Street. At the time, the plan called for expanding and
straightening sidewalks, along with adding trees, benches and bicycle racks.
The sidewalks will also be designed to resemble railroad tracks, a reference
to Henry Flagler. It was scheduled to break ground in October.
In a statement, Mattingly said that Mana is
“close to his goal of achieving critical mass in the downtown area.”
Original content The
Real Deal
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