Mana, parking authority and developer reach deal for downtown Miami site

Last week, the city's parking authority completed settlement negotiations for a 99-year lease

TRD MIAMI /
Feb.February 10, 2017 12:50 PM

The Miami Parking Authority approved a sublease of air rights in early February that will allow developer Moishe Mana to move forward with his plans for a residential high-rise.

The city’s parking authority, Grand Station Partners LLC and Moishe Mana’s North Miami Ave Realty LLC are involved in the deal.

The parking authority’s board approved the sublease between the companies and an amendment to a ground lease the authority has with Grand Station, which includes consent to the sublease, at its Feb. 1 meeting, Miami Today reported. The approval allows the partnership to develop the east side of the city block that houses the parking authority’s headquarters, the Courthouse Center Garage at 40 Northwest Third Street. The parking authority’s CEO, Art Noriega, negotiated with Grand Station for redevelopment of the site.

The ground lease between the authority and Grand Station was granted in 2015, despite objections of North Miami Avenue Realty, which alleged noncompliance. Mana, who wanted to combine both sites for his own development, sued the parking authority shortly after the approval. 

Last week, Noriega completed settlement negotiations for a 99-year lease. The base rent will start at $240,000 a year, starting six years from now, with a $750,000 deposit. The project will include an eight-story proposed parking facility, a 258-unit residential tower, and retail space.  [Miami Today] — Gabrielle Paluch


Related Articles

arrow_forward_ios
Alex Rodriguez, Tom Murphy, Jorge Pérez, Gil Dezer, and Jackie Soffer (Credit: Michael Loccisano/Getty Images)

Money in the bank: Here are the South Florida real estate players who got PPP loans

Money in the bank: Here are the South Florida real estate players who got PPP loans
Moishe Mana (Credit: Romain Maurice/Getty Images)

Got milk? Moishe Mana closes on acquisition of McArthur Dairy

Got milk? Moishe Mana closes on acquisition of McArthur Dairy
Moishe Mana (Credit: Romain Maurice/Getty Images for InList)

Moishe Mana is getting into the dairy business

Moishe Mana is getting into the dairy business
Wynwood 25

Wynwood BID proposes to allow outdoor music until 3 a.m.

Wynwood BID proposes to allow outdoor music until 3 a.m.
From left: Illustrations of Moishe Mana, David Polinsky, Jessica Goldman-Srebnick, and Joseph Furst (Credit: Romain Maurice / Stringer and Patrick McMullan / Getty Images)

Developers speak out against Moishe Mana as he compares Wynwood campaign to the Arab Spring

Developers speak out against Moishe Mana as he compares Wynwood campaign to the Arab Spring
From left: Moishe Mana and Manny Gonzalez

Moishe Mana attacks Wynwood BID over city crackdown at his property

Moishe Mana attacks Wynwood BID over city crackdown at his property
Moishe Mana and 201 Southwest First Street (Credit: Google Maps)

Mana buys more land in downtown Miami for master plan

Mana buys more land in downtown Miami for master plan
Brightline president Patrick Goddard and Park-Line Miami (Credit: iStock)

Brightline launches leasing of apartment towers at MiamiCentral

Brightline launches leasing of apartment towers at MiamiCentral
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...