Moishe Mana’s Mana Common has added to their Downtown Miami portfolio with the acquisition of a development site located at 49 NW 1st St. for $12.375 million. The 22,500 SF site is currently a parking lot. Andrew Mirmelli Company: M&M Parking was the seller. Colliers' Executive Managing Director Mika Mattingly of Colliers’ Urban Core Division represented both sides of the transaction.
“This transaction showcases how high the demand is for property in downtown Miami,” Mattingly said. “The transformative projects that are beginning to take shape in the area, along with the influx of residents and jobs, are attracting investors from all over the world. It continues to prove that now is the time to invest in the future of downtown Miami.”
Moishe Mana, CEO of Mana Common, is the largest private landowner in Miami with a significant assemblage of over 60 properties spanning more than 1.3 million square feet in Downtown Miami’s Flagler District. The visionary entrepreneur recently acquired two additional properties in the area that is being transformed into a global hub for tech and innovation. In addition to the recent purchases, Mana Common has begun construction in several sites in downtown including at the Nikola Tesla Innovation Hub.
“We’re committed to reviving the Flagler District through sustainable revitalization,” says Moishe Mana. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.”
South Florida has continued to see an influx of residents from New York, California and other states seeking lower taxes, better weather, and a higher quality of life. Greater Downtown’s population was 92,235 people in 2018, a jump of 38% since 2010, according to a study from Miami’s Downtown Development Authority (DDA). Downtown and Brickell have also emerged as the top choice for the largest technology and financial firms. According to a recent report from the DDA, at least 700 new jobs are expected in the area over the next few years.
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