Developer Moishe Mana sold a 1937 home in Miami Beach to a buyer who plans to build a new modern mansion on the property.
Mana’s Martini Realty LLC sold the 5,492-square-foot home at 420 South Hibiscus Drive on Hibiscus Island to 420 S Hibiscus Drive SFH LLC, a Delaware company, for $12 million.
Mana, who has amassed a huge portfolio of land in Wynwood and downtown Miami, paid $5.2 million for the home in 2013.
Mana went before the Miami Beach Design Review Board in October seeking approval for a new house for the hidden buyer. Mana proposed building a roughly 9,800-square-foot, two-story mansion with a rooftop atrium, landscaping, water features, and a separate guest suite, according to plans filed with the city.
About two years ago, a company tied to Mana paid $5.9 million for a waterfront spec home in North Miami Beach’s Eastern Shores neighborhood. He also owns homes in Delray Beach.
In October, the Mana Group released a much-anticipated construction timeline for his major redevelopment of downtown Miami, where he’s spent more than $350 million assembling roughly 45 buildings on or near Flagler Street. A plan designed by Zyscovich Architects showed 11 buildings between Southeast First Street and North Miami Avenue that would be delivered between the first quarter of 2021 and the fourth quarter of 2024.
In addition to his development plans in Miami, he runs Mana Wynwood, a convention center and events venue with art galleries and installations.