Mana keeps spending in downtown Miami: $450 psf for lot
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 a combined $7.25 million for the two lots at 115 Southwest First Street, or $450 per square foot, broker Mika Mattingly told The Real Deal. They break down to a 10,117-square-foot lot and a 6,000-square-foot lot.
Mattingly, of Sterling Equity Realty’s mikamiami team, represented Mana’s Jersey Art Holdings, as well as the sellers, Moseley Properties LLC and Kalback Holdings LLC. The transaction closed on Saturday.
The first seller is a Buckingham, Virginia-based LLC led by Donald Moseley. Kalback is led by Richard Kalback. 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 Street in 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. The improvements were 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.”