Miami developer Moishe Mana just extended his substantial Downtown Miami portfolio with the purchase of a parking lot for $12.4 million.
The 22,500 Sq Ft. lot adds to the developer’s collection of properties in Downtown Miami for his long-planned tech hub project. The sale, covering three parcels at 35-49 NW 1st Street, adds to Mana’s 60-plus properties in Miami’s downtown area, spanning more than 1.3 million Sq Ft.
Colliers’ Mika Mattingly, which brokered the deal for the tenant and landlord stated that the deal is just another example of Miami’s piping hot commercial real estate market.
Mana last bought two retail and office buildings in Downtown Miami for $27.2 million, just a month before this purchase.
Mana also stated that they are committed to reviving the Flagler District through sustainable revitalization and are using the existing structures to maintain the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.
The parking will be turned into various projects under its T6 zoning code, which provides for a building on the property to reach a height of 80 stories and be used as a residential, hotel, or commercial space.