Miami’s billionaire property king Moishe Mana buys perhaps the last downtown commercial building


Billionaire entrepreneur Moishe Mana, Downtown Miami's biggest landowner, stands in a fenced-off section of Flagler Street being rebuilt.  The $30 million city project, which Mana lobbied for, will transform Flagler into an elegant cobblestone street.  He plans to turn his Flagler District properties into a technology, fashion and entertainment hub.

Billionaire entrepreneur Moishe Mana, Downtown Miami’s biggest landowner, stands in a fenced-off section of Flagler Street being rebuilt. The $30 million city project, which Mana lobbied for, will transform Flagler into an elegant cobblestone street. He plans to turn his Flagler District properties into a technology, fashion and entertainment hub.

[email protected]

Billionaire developer Moishe Mana continues to add to his commercial real estate portfolio of 70 properties in Downtown Miami, with his acquisition of the vacant commercial building at 118 East Flagler Street.

Mana paid $7.25 million in cash for the location of the former Children’s Place clothing store. The 16,000 square foot building dates from 1930.

He has now spent more than $500 million over eight years to assemble 1.3 million square feet of properties in the Flagler Street corridor in downtown Miami. His latest land purchase is between two properties he already owns.

Mana is in the process of obtaining building permits for the space which will be one of the last properties he intends to acquire, as part of his planned transformation of Miami’s original main street into a technology and innovation district.

“The District of Flagler is going to be the best neighborhood in America,” Mana said Thursday in a prepared statement. “I have acquired the critical mass necessary to carry out a project of this magnitude. We work tirelessly to bring this vision to life while preserving the character and identity of the community.

Although the developer said this acquisition would be one of his last land deals on Flagler, he declined to say definitively that it was his last real estate purchase. Mana said he was considering making an offer to buy the old Macy’s building at 22 East Flagler Street, which now houses a Ross store.

As Downtown Miami’s largest real estate owner and with her vast assemblage of commercial real estate in the neighborhood completed or nearing completion, Mana plans to make a serious move to realize her vision of a vibrant community that combines innovation, shopping and restaurants. . Its main priorities are building, designing, delivering and curating what this community will look like. Its Nikola Tesla Innovation Hub, in an office tower being renovated, will be the first redevelopment completed in early 2023.

While his penchant for ambitious downtown Miami redevelopment has not been questioned, some observers wonder how long it will take for many of the empty downtown properties that Mana owns to show activity. He remains optimistic about the success of his plan. Through Mana Commons, he wants tenants to share in overall business revenue instead of paying rent. With this approach, he believes tenants won’t be pushed out of the city center as property values ​​rise.

“I don’t know how it worked out,” Mana told the Miami Herald in April. “I sold businesses, I mortgaged stuff. I sold that, I juggled and maneuvered and it worked.

Acquiring real estate has become second nature to Mana, an Israeli immigrant who began his career in New York as a dishwasher. His first venture on his own was running a moving company.

This story was originally published May 26, 2022 5:37 p.m.

Michael Butler writes about the residential and commercial real estate industry and local housing market trends. Like Miami’s diverse population, Butler, a graduate of Temple University, has both local roots and Panamanian heritage.

Previous Today's mortgage rates as of May 26, 2022
Next Biden nears decision on student loans as inflation concerns mount