Moishe Mana is expanding his footprint in the Flagler District, downtown’s envisioned tech hub.
The Israeli-born developer and billionaire bought a parking lot at 49 NW First Street, across from the Miami-Dade County Courthouse and a single-story building with a handful of eateries, according to a statement provided to the Miami Herald.
The approximately $12.4 million sale closed on Friday. Mana is ironing out details for a new project on the site.
The site gives the developer greater scale for his Flagler District project. More than five years ago, Mana started acquiring buildings and lots in downtown, with a concentration especially along West Flagler Street. He now owns a total of 60 buildings and vacant lots.
He continues to lead an overhaul of the street named after Florida’s railroad pioneer Henry Flagler by gutting and renovating existing buildings along the corridor and supporting the makeover of the area’s streetscape, which began in May.
Though many of his storefronts are now empty, Mana has announced plans to build offices, retail and housing.
“We’re committed to reviving the Flagler District through sustainable revitalization,” Mana said in the statement. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.”
Mana covered the cost of the project design and mix of taxes from the city and county, parking fees and bond dollars are funding the construction. Property owners are also taxing themselves to help pay for the project.
Colliers Executive Managing Director and broker Mika Mattingly represented the seller
Andrew Mirmelli Company: M&M Parking, which bought the site for nearly $3 million in 2013, and Mana.
Mana also owns several buildings and properties in Wynwood. In an effort to convert a 23.5-acre slice of the neighborhood into a trade hub between China and Latin America, Mana recently hired Sidewalk Labs to design the infrastructure for his project.