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Moishe Mana Plans $20M+ Redevelopment Of RC Cola Plant In Wynwood

Moishe Mana plans a $20 million-plus redevelopment of the former RC Cola Plant in Wynwood, a move forward on the long-stalled vision for his portfolio in Miami’s arts district.

The project will include an indoor food hall with nine tenants, a bar spanning 100 feet on two sides, outdoor space for food trucks, a beer garden, retail, event space, and 10,000 square feet of parks and gardens at 550 Northwest 24th Street, according to Mana and Thomas Martin, RC Cola project director.

Dubbed Mana Wynwood @ RC Cola, the project is more of a repurposing than a new development. While two small buildings will be demolished per city requirements to allow for a loading area, the rest of the site and all of the murals will remain, Martin said.

Mana bought the 2.7-acre RC Cola Plant in 2010 for $2.1 million, according to records. Since then, he has run it as a concert venue. The 145,000-square-foot site will continue as such a venue, and will include outdoor event space and 10,000 square feet of indoor seating and stage space.

“We are going to put [on] outdoor music at night that we have for concerts. During the day, it will be a place for families to visit,” Mana said. “It’s really a huge undertaking.” 

Mana Common, the developer’s company, has narrowed down the list of potential tenants to 20 but leases have not been signed, according to Martin. One retailer will sell RC Cola-themed and Wynwood-themed merchandise. The rest of the retailers are expected to rotate and sell merchandise tied to events.

Renderings show the main entrance emulates the look of a subway station with a graffitied sculpture of a subway car.

“It’s an ode to the original tagging community, when the tagging community used to tag on the subway trains. That was their canvas,” Martin said. 

Construction is expected to start soon, with completion slated for December of next year.

The RC Cola Plant is separate from his Wynwood properties that obtained a special area plan, or SAP, designation from the city in 2016.


Source:  The Real Deal

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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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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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Moishe Mana Pays $16M For Commercial Assemblage In Allapattah

Moishe Mana fattened up his Allapattah portfolio with a $16 million acquisition of properties.

An entity controlled by Mana, one of the largest landowners in Allapattah, Wynwood and downtown Miami, acquired 10 properties along Northwest Seventh Avenue between 28th and 29th streets, according to property records.

The parcels include Las Rosas bar and lounge at 2898 Northwest Seventh Avenue, four retail buildings at 2800, 2820, 2840 and 2850 Northwest Seventh Avenue and a former grocery market at 728 Northwest 29th Street. The four other properties are a single-family house at 731 Northwest 28th Street, a single-story warehouse at 753 Northwest Seventh Avenue and parking lots at 719 Northwest 28th Street and 2810 Northwest 7th Avenue.

The seller, two entities managed by Ari Dispenza, James Quinlan, and Douglas H. Levine, paid about $4.1 million for the properties between 2014 and 2016, records show. The buildings were constructed between 1925 and 1974.


Source:  The Real Deal

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Firm Tied To Moishe Mana Buys Retail Properties In Miami’s Allapattah For $16M

A company affiliated with real estate entrepreneur Moishe Mana acquired a collection of retail properties in the Allapattah neighborhood of Miami for $16 million.

The most notable building was the home of independent grocer Allapattah Supermarket, which is at the gateway of the neighborhood from Wynwood to the east.

AM1 LLC, Wynwood West LLC, and Big Big Allapattah LLC, respectively managed by Ari DispenzaJames Quinlan, and Douglas H. Levine, sold 1.84 acres at 728 N.W. 29th St., 2800 to 2898 N.W. Seventh Ave., and 719 to 753 N.W. 28th St. The buyer was 728 NW 29th Street Realty LLC, which traces to a company managed by Mana. The deal covers 35,639 square feet of commercial properties and a 1,120-square-foot single-family home.

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Mana Buys In Downtown Miami Again With Plans To Expand Flagler District Project And Tech Hub

Moishe Mana is expanding his footprint in the Flagler District, downtown’s envisioned tech hub.

The Israeli-born developer and billionaire bought a parking lot at 49 NW First Street, across from the Miami-Dade County Courthouse and a single-story building with a handful of eateries, according to a statement provided to the Miami Herald. The approximately $12.4 million sale closed on Friday. Mana is ironing out details for a new project on the site.

The site gives the developer greater scale for his Flagler District project. More than five years ago, Mana started acquiring buildings and lots in downtown, with a concentration especially along West Flagler Street. He now owns a total of 60 buildings and vacant lots. He continues to lead an overhaul of the street named after Florida’s railroad pioneer Henry Flagler by gutting and renovating existing buildings along the corridor and supporting the makeover of the area’s streetscape, which began in May. Though many of his storefronts are now empty, Mana has announced plans to build offices, retail and housing.

“We’re committed to reviving the Flagler District through sustainable revitalization,” Mana said in the statement. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.”

Mana covered the cost of the project design and mix of taxes from the city and county, parking fees and bond dollars are funding the construction. Property owners are also taxing themselves to help pay for the project.


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These Miami Neighborhoods Saw More Retailers Open Than Leave Amid Pandemic

While many retail shops in Miami-Dade and Broward sat empty during the first months of the pandemic, a few neighborhoods actually experienced a bump in leasing.

Downtown Miami, Coral Gables and Medley/Hialeah defied the nationwide retail spiral, increasing total retail inventory by more than 10,000 square feet each, according to Colliers International’s second-quarter retail report.

“The positive net absorption in these neighborhoods were hangover deals done during the fourth and first quarters,” said industry watcher Beth Azor, investor and broker at the Weston-based Azor Advisory Services.

Dave Preston, executive managing director for retail services for Colliers International, agreed, noting that retail transactions take six to eight months to process.

Another factor, said Azor: Paycheck Protection Program funds, which allowed many tenants to hold on during the second quarter.

But those positives will likely be offset in the third and fourth quarters. Azor said she expects those market reports will show double-digit vacancy rates, at least of 10%, and a minimum of 10% drop in asking rents. Average asking rates have already inched downward, according to the Colliers report.

South Florida also will feel the impact of the national bankruptcies and store closings announced in the second quarters — J. Crew, CMX Cinemas and Neiman Marcus, just to name a few. Miami-Dade Mayor Carlos Gimenez’s order on Monday to end dine-in services and close some other businesses in the county “will be the nail in the coffin for many businesses; this will increase the vacancy numbers,” Azor said.


Total second-quarter vacancy grew from 4.3% to 4.5%. The completion of new construction injected 10,195 square feet into the market, bringing the total to 101.3 million square feet — 230,698 square feet more than the market absorbed.

But some neighborhoods were spared. Downtown Miami increased leased space by 28,651 square feet; Coral Gables grew by 17,428 square feet, and Medley/Hialeah grew by 24,397 square feet.

“The positive absorption in Downtown Miami stands out. The new development, including Miami Worldcenter and Moishe Mana’s Flagler Village, shows growth in the market,” Preston said.

Newcomers to Downtown Miami leased 2,000 square feet, including ArTi Entertainment, which took 2,200 square feet. “That shows entrepreneurship is alive during the pandemic,” Azor said.

The average direct asking rate decreased from $37.95 to $35.98 per square foot.


Source:  Miami Herald

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Moishe Mana Unveils First Phase Of Downtown Miami Development

Moishe Mana could use the 50 buildings he owns to develop a mass of towers in the core of downtown Miami, but he’s moving forward with a different vision.

Mana will renovate buildings to attract tenants and limit the construction to about four stories, said Bernard Zyscovich, CEO Zyscovich Architects, which crafted the plan with Mana.

Mana spent hundreds of millions of dollars in recent years snapping up property downtown, especially along Flagler Street. The area has some of the oldest buildings in the city. Many of those Mana-owned buildings have vacant space on the ground floors as he works on development plans.

Now, Zyscovich says Mana has a multi-phase plan for his downtown properties, and he’s ready to start construction this summer.

While many of Mana’s properties are zoned for 50 to 80 stories, that’s not his vision, according to Zyscovich.

“We are looking at spreading development throughout downtown instead of coming up with tall buildings out of the box,” Zyscovich said. “We don’t think downtown is ready for high-rise max buildings. We need to develop it as a neighborhood.”

Mana will begin by renovating the 13-story building at 155 S. Miami Ave. Built in 1980 and totaling about 166,000 square feet, the building formerly house federal immigration offices and it looks the part of a staid government office. Zyscovich said its facade will be stripped away and replaced with an artistic facade, which will resemble an optical illusion. The ground floor of the building is currently not accessible from the street and will be opened up so there can be a coffee shop and social space.

Mana wants the building to house office and technology tenants.

“It’s a good first project because there’s enough square feet to occupy the building with many new uses,” Zyscovich said. “We have financing in place and hopefully before the summer is out we will start construction, which is really deconstruction.”

Mana will follow with another project on the same block, at South Miami Avenue and S.W. 2nd Street. That includes a modest-sized new building along with renovations to the parking garage and some historic structures that could house restaurants.

The second area Mana will develop is Flagler Station, at 48 E. Flagler St., Zyscovich said. That will include new storefronts.

“It will become a cool neighborhood with the idea of providing urban services to innovators and technology people,” he said.

As the projects are completed, Mana plans to introduce a membership group called Mana Commons. Members would receive living quarters, office space, and discounts on local food and beverages, Zyscovich said.

“Moishe likes to say he’s not a developer,” Zyscovich said. “He’s a venture capital guy who wants to create something more innovative with real estate than renter space. We rent space, of course, but space oriented toward particular uses that might exchange rent for a venture capital interest.”


Source:  SFBJ

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Developer Moishe Mana To Break Ground On First Wynwood Project

Come the fall, developer and entrepreneur Moishe Mana will break ground on his first project in Wynwood. And more will soon follow, he said.

Mana is ready to proceed with a three-story, 35,410-square-foot building at 2900 NW Fifth Ave. that will house the Puerto Rican Chamber of Commerce and some additional offices for Miami-Dade County, according to Berenblum Busch Architects.

The architectural firm will submit the final design and construction documents by late January for the building and expects to have permits in hand by August, said Gustavo Berenblum, the firm’s founding principal.

Construction is slated to begin in September. The chamber, currently at 3550 Biscayne Blvd., is expected to relocate to the new digs by November 2021.

The three-story building will include a ground floor café, retail and meeting spaces, and 6,800 square feet of ground-floor parking, according to Gustavo Berenblum, the firm’s founding principal. The second floor will host offices for the chamber and county. The third floor will have additional offices as well as a 6,800-square-foot terrace facing south toward 29th Street.

Originally designed as a four-story building, the project was downsized at the request of the developer and county to meet the construction budget of $8.4 million. The four-story design would have cost $11 million, Berenblum said.

As part of an agreement between Mana and Miami-Dade County, the county will pay about $2 million from a bond; Mana will pay the rest.

The development comes as the neighborhood’s office market expands. The prior year saw the largest amount of Class A and Class B office space development since 2009, and Wynwood is receiving much of that new square footage.

Mana owns 40 mostly contiguous acres in Wynwood. His plan for the neighborhood includes a trade center occupying 8.5 acres from west of Northwest Fifth Avenue to Interstate 95.

The Israeli-born developer is also focused on planning and designing the front lot of a 4.5-acre development with buildings scaling two-to-three stories between Northwest 23rd St. up to Northwest 22nd St. and Northwest 2nd Ave.

“It will add another dimension to Wynwood,” Mana said.

He expects to complete the design in about two months.

The Wynwood neighborhood was one of the first areas settled by Puerto Rican immigrants who moved to Miami in the 1950s.

“It’s important to have the chamber in Wynwood because we don’t want to lose this part of the community,” Mana said. “We want to keep the culture.”

Said Berenblum Busch Architects Principle Claudia Busch, “It’s an opportunity for the Puerto Rican community to have a place of its own. You already have many Puerto Rican institutions that are there contributing to the health of the local economy there.”

Mana’s company also plans to provide financial support for chamber events, he said. To date, it has given $60,000, according to the chamber.

“We plan to initiate an arts program to attract artists from Puerto Rico and local artists for cultural events,” said Luis De Rosa, the president of the Puerto Rican Chamber of Commerce. “We also plan to provide aid to small businesses.”

Mana started searching for a Wynwood location for the chamber in 2011, he said, and signed an agreement with the county in 2015. Previously, the group planned to build at Northwest Second Ave. and 21st Street but abandoned that location due to environmental issues with the property, Busch said.


Source:  Miami Herald


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