Developer Moishe Mana paid $2.3 million on a three-story building in downtown Miami, adding to the more than $350 million he’s spent in the Flagler Street area.
Mana is still “picking up the stray pieces that add to the critical mass” that he’s assembled, and could spend a total of $400 million when he’s done, said broker Mika Mattingly of Colliers International South Florida. Mattingly has worked on the majority of Mana’s acquisitions in downtown Miami.
Mana’s latest deal is for the Silver Bell Building at 108 South Miami Avenue, a 7,610-square-foot building that was built in 1925. Property records show Silver Bell Building Corp., led by Ira Silver, paid $475,000 for the building in 2000.
Ryan Shaw of Marcus & Millichap represented the seller.
Mana recently said that he’s finally ready to move forward with his plans for the area. Miami International University of Art and Design confirmed it’s moving into an office building Mana owns at 155 South Miami Avenue. Mana is also in talks with companies to take space at a startup hub on five floors of the same building, and is planning a “gallery row” nearby on Southeast First Street.
A second phase of Mana’s plans calls for converting the old Flagler Station into a food court and tech incubator similar to Station F in Paris.
Over the past several years, Mana has become downtown Miami’s biggest landlord with roughly 45 properties on and near Flagler Street.
Records show he owns the block across the street, as well as next door, to the Silver Bell Building, near the ramp to I-95. Around the corner on Southwest First Street, Melo Group paid nearly $13 million for the lot at 34 Southwest First Street.
Mattingly said that she’s now seeing an influx of new buyers in downtown Miami – “not the usual suspects,” she said.
Immocorp Capital recently filed a permit for a new 168-key hotel at 139 Northeast First Avenue. The firm is bringing on a Spanish hotel group as a partner.