The Real Deal Miami

Moishe Mana buys former MacArthur Dairy site for $8.5M

Property last sold for $4M in January 2006

July 16, 2015 04:30PM

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Former MacArthur Dairy site

Former MacArthur Dairy site

Moishe Mana acquired the former MacArthur Dairy site in Miami for $8.5 million, Avison Young announced on Thursday.

Mana’s Jersey Art Holdings acquired the 5.32-acre development site just west of Wynwood, at 2451 Northwest Seventh Avenue. The site is zoned T6-8-0, which allows for 150 units per acre, according to a press release.

Avison Young’s John K. Crotty, Jay Ziv, and Michael T. Fay represented the seller Paradise Dairy Acquisitions, LLC. Paradise, which is affiliated with Pinnacle Housing Group, paid just more than $4 million for the property in January 2006, according to Miami-Dade property records.

“Mixed-use and residential land continues to be pursued by developers and investors who recognize the lack of larger tracts of land 5 acres or greater available for development near core areas in Miami,” Crotty said in the release. “The seller is a well-respected multifamily developer who determined the subject property was no longer consistent with its long range plans and decided to widely market the property. At the end of the marketing process, the seller selected Moishe Mana due to his track record of closings in downtown Miami and Wynwood.”

The property had “environmental issues that had to be overcome in order to attract a buyer with the economic and development structure to ensure success,” according to the press release.

Moishe Mana is active in downtown Miami and Wynwood. Mana has amassed properties on and around Flagler Street, as well as more than 30 acres in Wynwood. Most recently, he spent $32 million on the buildings at 26 Southeast First Street and 155 South Miami Avenue, and last Friday boosted a mortgage to $75 million, tied to recent acquisitions.

Last month, Miami-Dade’s Economic Development Committee backed a land swap-construction deal between the county and Mana. The deal gives his Mapton Holdings, a subsidiary of Mana Wynwood, 1.4 more acres. In exchange, Mana Wynwood will give the county 15,715 square feet of land valued at $3 million. Mana Wynwood will also build a $7.37 million, three-story, 45,912-square-foot county facility with 29 indoor parking spaces.

Mana has yet to reveal his redevelopment plans for the area. — Katherine Kallergis

  • Michael Robert Goldstein

    This transaction is just one more objective example of how Florida’s powerful Brownfields Redevelopment Program is operating successfully to bring important, strategically located infill sites that would otherwise be perpetually marginalized by contamination risks and regulatory fears safely back into productive use and the community realm. Working collaboratively and effectively with great agency partners at the Miami-Dade County Department of Environmental Resources Management (“DERM”) for approximately a decade, we were able to draft and put in place a voluntary cleanup agreement that shielded Paradise Dairy and the previous tenant, McArthur Dairy, from liability and that will continue to protect the Buyer and any of the Buyer’s lenders in perpetuity. We also were able to carefully craft and place a very effective environmental insurance policy to act as a backstop against any liability to government and private third-parties not covered by the statutory protection afforded by the voluntary cleanup agreement with DERM. Equally key to the viability of the project – both ten years ago and today and going forward – Florida’s Brownfields Redevelopment Program provides a proven mechanism to generate tax credits based on invested cleanup dollars and tax refunds based on job creation. We can authoritatively say that in the absence of the Florida Brownfields Redevelopment Program and DERM’s commitment to a partnership approach (while ensuring complete protection of human health and the environment), this is a deal that never would have gotten done. Without knowing the specifics of the Buyer’s intentions but having supported over 100 projects just like it, the direct and indirect capital investment in redevelopment here should easily exceed $100 million and create between 500 and 1,000 jobs, most of which will likely be well-paying in the health care sector. For more on how Florida’s Brownfields Redevelopment Program benefits infill development generally and how it can support cleanup and reuse of even the most complicated of contaminated sites specifically through financial and regulatory incentives, please feel free to contact us at Michael Goldstein, Managing Partner, The Goldstein Environmental Law Firm, P.A.