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Moishe Mana Nabs $275M Credit Line For Wynwood Assemblage

Real estate investor Moishe Mana scored $275 million in financing for his Wynwood portfolio, property records show.

The financing from Centennial Commercial Finance Group provided Mana a $275 million line of credit — of which he’s drawn down an initial $58 million loan, according to mortgage documents.

The portfolio spans 17 low-rise properties in the southwest section of Wynwood, a Miami neighborhood known for its colorful murals that’s welcomed a slew of tech companies in the past two years.

The assemblage includes the Mana Wynwood Convention Center, which hosted the Spectrum Miami and the Red Dot Miami art fairs during this year’s Art Basel season.

The site is set to become Mana Wynwood, a 24-acre mixed-use development. Mana announced the project in 2015 and last year tapped Sidewalk Labs, which is owned by Google’s parent company, to design and plan the master infrastructure. But construction has yet to commence.

It’s unclear how the funds will be used. A spokesperson for Mana declined to comment, and a representative for Centennial did not respond to a request for comment.

In Downtown Miami, Mana has reportedly spent over $500 million on 70 buildings, mostly along Flagler Street. Mana has touted plans to repurpose the properties into a business hub but, like in Wynwood, those endeavors have yet to come to fruition. Only one building, Nikola Tesla Innovation Hub, is under construction and is set to be delivered next year.

 

Source:  Commercial Observer

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Wynwood Streetscape Plan Under City’s Microscope

The Wynwood Streetscape Master Plan project is currently under a call cost evaluation by the City of Miami.

The streetscape plan was initiated in 2018 by the Wynwood Business Improvement District, which has partnered with the City of Miami, Miami-Dade County and the neighborhood’s private-public property owners.

“This is a very ambitious project,” said Manny Gonzalez, the BID’s executive director. “What we’re doing is with the city’s property valuations, we want to come up with a total data number that could be shared or that could be evaluated by the organization and by the property owners to see if that would be a way that we could contribute into the project with other sources of funding.”

The streetscape plan’s main aspects are to strengthen a sense of place, neighborhood identity through new green space and artsy aesthetics and improve the public landscaping experience.

The project would also build the community’s resilience to the impacts of climate change by promoting green infrastructure to mitigate urban stormwater runoff and encourage actions that reduce greenhouse gas emissions and improve the pedestrian experience with appropriate street furniture and lighting.

The BID is requesting new projects that are being constructed to follow the master planning guidelines that are going to be applied, he said.

“We could already have some aspects of the master planning in place, which will save us money in the end,” Mr. Gonzalez added. “When the projects come up, they’re doing their designs according to the master planning that we’re waiting for.”

The other aspect of the streetscape is the Woonerf, which is going to be the centerpiece of the master planning project.

The first-ever Woonerf would share the street with bicycles, pedestrians and automobiles, and would be designed to slow traffic and safely share roads, create new crosswalks and widen sidewalks. The lively street concept is projected to be on 29th Street and Northwest First Avenue, and 29th Street and Northwest Third Avenue, running from 29th to 25th streets.

“Property owners have already agreed to put money into it because we understand that nothing happens without public-private partnerships,” Mr. Gonzalez said. “We want to make sure our property owners are seeing the way that they’re helping us out by doing this work.”

 

Source:  Miami Today

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Developers, Brokers Pursue Wealthy Art Buyers During Miami Art Week

It’s that time of year: Developers and brokers throughout the Miami area are once again tapping into the art world in the hopes that wealthy buyers will open up their wallets to purchase real estate.

The goal for most real estate firms is to expose the wealthy art aficionados to projects and properties, and follow up with potential buyers later.

Major real estate players, who happen to be art enthusiasts, are also hosting events that aren’t real estate related. Downtown Miami and Wynwood landowner Moishe Mana will have his annual birthday bash at the former RC Cola Plant in Wynwood, on Wednesday from 9 p.m. until “late,” according to the invite.

And Related Group CEO Jorge Pérez, an art collector who has long incorporated art into his projects and is the namesake of Pérez Art Museum Miami, is hosting buyers and brokers at El Espacio 23, Pérez’s personal art gallery in Allapattah, this week at a series of daily events for contract holders.

“We rarely see sales happen this week, but the follow-up is extremely strong,” said Nick Pérez, senior vice president at Related. The firm is also hosting events showcasing artwork at its projects’ sales centers, including at Casa Bella by B&B Italia in Miami’s Arts & Entertainment District.

 

“Once you have a very high-end, captured audience like you do, then exposing them to the different developments or properties you’re selling is a no-brainer,” said Daniel de la Vega, president of One Sotheby’s. “For the most part, it’s about exposure.”

For the majority of developers, it’s all about getting in front of the right type of buyer.

 

Source:  The Real Deal

 

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Bazbaz Buys Wynwood Development Site For Mixed-Use Project

Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood.

An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate investor who heads Miami Beach-based Centric Capital, according to his LinkedIn profile.

In 2003, Lang’s affiliate paid $1.7 million for the six vacant parcels, which are currently used as temporary parking lots.

Bazbaz is planning two interconnected buildings with 229 apartments and 79 extended stay hotel rooms according to Bazbaz’s website. The project will also include 45,000 square feet of office, 18,000 square feet of retail and 293 parking spaces.

In 2015, the Miami Urban Design Review Board approved Bazbaz’s architectural plans, which show an eight-story building and 12-story building connected in a L-shape. Bazbaz’s project is adjacent to another development site where The Related Group is also planning a two-building mixed-use complex.

 

Source:  The Real Deal

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