As Downtown Miami prepares for a wave of new development, investor Moishe Mana has acquired a vacant land parcel at 151 NE 1st Street, the latest in a series of strategic acquisitions represented by Mika Mattingly of the Urban Core Division at Colliers International. Mana purchased the 15,000 square foot parcel for $9.27 million from seller Erie Corporation, represented by Jay Chung of Elijah Venture Corp.
The sale price breaks down to $618 per square foot and strategically positions Mana with an expanded footprint for development in and around Flagler Street. In total, Mana owns more than one million square feet of building and 8 acres of land in the urban core.
“Many of these parcels have taken years to acquire,” said Mattingly. “To acquire a single parcel takes keen market knowledge – but to acquire critical mass with a grand vision for a true community – that also takes grit, patience and many footsteps. In the months to come, Mana will unveil his vision for a downtown that is cleverly positioned to become the center of it all.”
The New Jersey and Miami-based developer has strategically partnered with Colliers’ broker Mika Mattingly in recent years to amass a portfolio of properties in the urban core of Downtown Miami. As one of the change-makers leading the renaissance on and around Flager Street, he plans to eventually redevelop his portfolio into retail, office and residential projects that will better serve the shifting dynamic of the urban core, which is quickly becoming a vibrant 24-7 community.
And he’s not alone - with more than 40 projects currently under construction in greater Downtown Miami, the surging population has been a major factor driving and supporting the wave of new development. According to the Miami Downtown Development Authority, more than 88,540 live in greater Downtown Miami, a number which has doubled since 2000 and is expected to exceed 100,000 by the year 2020.
The concept of the evolving urban core is one that the Colliers’ Urban Core Division knows well. The specialized division, co-led by Mika Mattingly, was launched with the purpose of better serving the dense, urban markets of South Florida, with a myriad of property types and ever-changing zoning and landscape.
“Downtown is humming – with the anticipated arrival of the Brightline, the pop-up exhibits showcasing world-class artists and the arrival of new hotels like YOTEL, we are witnessing the early stages of transformative development,” Mattingly added. “Downtown Miami isn’t just an area on a map anymore; it’s a sense of place.”