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Mana Says Flagler Street To Become Next Hot Spot, Buys More Property

Mana Says Flagler Street To Become Next Hot Spot, Buys More Property

Moishe Mana continues to add to his holdings on Flagler Street, with the hope that the area will become ‘a SoHo of the South.’

In an interview with the New York Times published this weekend, Mana ‘insisted’ that Flagler Street is set to become Miami’s next hot spot, enabling him to profit.

The Israeli entrepreneur hopes to replicate his success in New York’s Meat Packing district, where he opened Milk Studios right before the area became popular.

Just last week, Mana purchased an additional $35 million worth of property at 48 and 76 East Flagler Street. The newly acquired property includes 161,081 of building area on 1.1 acres of land. He paid nearly triple the price that it sold for in 2012.

Mana has now spent at least $68 million buying 410,000 square feet of retail space on Flagler Street.

 

 

 

Mana’s latest purchase, 48-76 East Flagler Street (photo via Mariano Saal)

 

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Anonymous
Anonymous

this is the type of of vision we need for Flagler St. bring back the historic buildings to there former glory and get rid of those ugly malls. Flagler St and Miami Ave are the historic center of Miami, this area needs more residential like Centro and also rental properties. congrats to to mr Mana and his vision.

Ed
Ed

Mana didn’t say the plan is to keep existing property and even less remodel them. He clearly indicates he wants to profit from any improvement to this area so it could be he wants to flip most or some of those properties. His statement is not clear on what he intends to do with them. Whatever he does with it that it be for the best of downtown.

Kesley
Kesley

I was driving by downtown Miami last night and was thinking of how much potential that area has but how unfortunate it was in its current state. I would love to live in downtown Miami, but I’m still waiting for things to get better.

Yet Another Anonymous
Yet Another Anonymous

A couple years ago I was downtown in the early evening and some tourists were asking me what was going on, why was it so dead, where was the shopping and activity? In a few sentences I told them that the area was actually known for being dead after five but that the area was going/about to go through a renaissance and that in a few years it would be much different. I guess I was a little overzealous; it is taking a bit longer than I expected.

Laz
Laz

Flagler area is pretty active not past 6.

Jason

Downtown Miami is the city’s bedrock. The most successful, sensible neighborhoods in Miami are Miami Beach, Design District, Coconut Grove, and Wynwood. Why? Walkability. Active street fronts. Local retailers. Small offices. Large warehouse and creative spaces. A wide range of housing options. Moishe and others are working to take advantage of development opportunities in the neighborhood while helping the CBD grow organically. In the next ten years Downtown will become much like the aforementioned neighborhoods, just on steroids.