Moishe Mana added another development site to his Wynwood portfolio, paying $33.5 million for two vacant adjoining parcels.
Mana, the largest landowner in Wynwood, acquired the 0.7-acre assemblage at 2661-2701 Northwest Fifth Avenue, Devlin Marinoff with Miami-based Dwntwn Realty Advisors told The Real Deal.
Marinoff and Tony Arellano, also with Dwntwn Realty Advisors, marketed the site on behalf of the sellers, David Edelstein’s TriCap and Robert Levine’s Ral Development. Both firms are based in New York. The sellers listed the properties for $59.5 million last year.
“We had a lot of prospective buyers, but in a rising interest rate environment, it was difficult to make a deal,” Marinoff said. “As soon as rates stabilized, Mana stepped up.”
The site is approved for an eight-story mixed-use project with 244 residential units or 489 hotel rooms, according to the offering memorandum. With bonuses for providing public benefits, the buyer can build an additional 245 residential units or 367 hotel rooms. The buyer could also develop a 27-story project with 612 apartments under Florida’s Live Local Act.
Mana did not immediately respond to a request for comment about what he intends to do with the site. TriCap and Ral previously planned a $200 million mixed-use project consisting of two towers with 300,000 square feet.
A TriCap affiliate paid $18 million for the parcel at 2661 Northwest Fifth Avenue in 2018. Three years later, the firm and Ral dropped $13 million for the other lot.
Mana’s latest purchase is the second time in five months that he’s bulked up his Wynwood real estate holdings. In September, he acquired a 0.7-acre assemblage at 2200-2230 Northwest Second Avenue and 224 Northwest 22nd Terrace for $25.5 million. Currently home to a pair of retail buildings and a parking lot, the site can be redeveloped into a mixed-use project.
Over the summer, Mana landed a $150 million refinancing for 56 properties that he owns in Wynwood.