Moishe Mana buys City National Bank building in downtown Miami

Mana has spent roughly $375M assembling property on or near Flagler Street

Dec.December 17, 2019 12:46 PM
Moishe Mana and 25 West Flagler Street

Moishe Mana and 25 West Flagler Street

UPDATED, Dec. 17, 5:20 p.m.: Moishe Mana paid $25 million for the City National Bank building on Flagler Street in downtown Miami, adding to his property empire.

John Crotty of Avison Young

John Crotty of Avison Young

Seller City National Bank was previously based out of the the 12-story, 140,000-square-foot building at 25 West Flagler Street. It was on the market with John Crotty, Michael Fay, David Duckworth, Brian de la Fé and others at Avison Young. Law firm Berger Singerman also represented the bank in the deal.

In October, the Mana Group released a much-anticipated construction timeline for its major redevelopment of downtown Miami, where Mana has spent roughly $375 million assembling property 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.

A $22.5 million renovation of the Flagler streetscape will begin in March, after the Super Bowl is held in Miami in February. Meanwhile, about two dozen new food and beverage concepts have opened or are expected to open in the Flagler Street area.

The City National Bank building on Flagler, which dates back to 1955, was being marketed as a development opportunity. It’s zoned T6-80-O, which allows for a height of 80 stories and up to 1,000 residential units per acre.

Crotty said that an aggressive group of buyers bid on the property, including local developers, New York investors, and foreign buyers. The building sits on 29,000 square feet of land and includes a small lot where multifamily can be built.

City National Bank had occupied more than 50,000 square feet of office and retail space in the Flagler building before it moved to its new office at the Miami Tower, nearby at 100 Southeast Second Street. It leases more than 100,000 square feet of office space at the Miami Tower, in addition to having a retail bank on the first floor. The bank has dual headquarters, one in Coral Gables that opened earlier this year, and the space at the Miami Tower. It also leases office space at 1450 Brickell Avenue.

City National Bank has about $16 billion in assets and is one of the largest banks based in Florida, according to a release. The bank acquired TotalBank in 2018 and plans to purchase Executive National Bank. It was purchased by Chile-based Banco de Credito e Inversiones (Bci) in 2015. With the investment from Bci, City National has grown exponentially, more than doubling its total assets since it was acquired.

Related Articles

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

One Thousand Museum and Krinos owner Eric Moscahlaidis

Krinos Foods owner revealed as buyer of One Thousand Museum condos

Related Group building at 315 Biscayne Boulevard and Jorge Pérez (Credit: Google Maps)

Related Group lists downtown Miami HQ

Moishe Mana and a rendering of 420 South Hibiscus Drive (Credit: Getty Images and iStock)

Moishe Mana sells Hibiscus Island home for $12M

The front entrance of the Seybold building at 36 N.E. First Street

Diamonds aren’t forever: Seybold Building jeweler claims owner won’t relocate his store

Rendering of Legacy Hotel and Residences with Dan Kodsi and Peggy Olin

Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter