With his recent acquisition of City National Bank’s former headquarters for $25 million, billionaire Moishe Mana has now spent $375 million assembling properties in downtown Miami. This week, the Israeli-born real estate mogul closed on an existing 139,448-square-foot office building at 25 West Flagler Street and three adjacent parcels totaling 29,000 square feet.
Located between West Flagler Street and Northwest First Street, 25 West Flagler advantageously sits across from the Miami-Dade County Courthouse and within walking distance to Brightline’s MiamiCentral Station, said John K. Crotty, a principal with Avision Young, which negotiated the sale for the seller, City National Bank.
Crotty said the former bank building and adjoining lots feature redevelopment potential of up to 80 stories and more than 696,000 square feet, as of right. A new project could offer a variety of mixed-use options such as office, multifamily or condo residential, hotel and retail.
“The sale of 25 West Flagler is a major deal in Miami, as the property has become part of a long-range redevelopment play,” said Crotty. “Ideally located and designated with Miami’s most favorable and aggressive zoning, the asset is a valuable addition to the buyer’s portfolio and overall plan in the area.”
The property will also benefit from a recently completed segment of a $27 million Flagler Street renovation and beautification project to create a more pedestrian-friendly environment, Crotty added.
Mana, who also owns a major redevelopment project in Miami’s Wynwood neighborhood, has put together a portfolio of roughly 45 buildings on or near Flagler Street since 2014. Properties he’s acquired include:
- A three-story building at 108 South Miami Avenue he paid $2.3 million for.
- A 13-story office building at 155 South Miami Avenue that will be home to the Miami International University of Art and Design. A Mana controlled company bought it for $32 million.
- A commercial property at 44 to 48 East Flagler Street, known as the Woolworth building.
- The 777 Mall building at 145 East Flagler Street.
In October, the Mana Group unveiled a timeline for redevelopment of his downtown Miami properties, including 11 buildings between Southeast First Street and North Miami Avenue that would be delivered between the first quarter of 2021 and the fourth quarter of 2024.