It looks like billionaire hedge fund manager Ken Griffin is nearing a deal to purchase Mana Wynwood from none other than Moishe Mana himself.
For the record, neither side has confirmed this, but recent purchases and intel from sources working with both parties say the deal will close this year. Griffin could spend anywhere from $700 million to over $1 billion on the 30-acre property.
I keep thinking about that scene in “2 Fast 2 Furious” where the main characters, Brian (the late Paul Walker) and Roman (Tyrese Gibson), pull off a scramble that overwhelms Miami police officers. The garage doors of what’s now Mana Wynwood are raised, and a swarm of mostly Japanese and European street cars flood the surrounding area. In the distance you can see a whole lot of undeveloped land and shrubbery. I actually think about that scene at least once a year, when I walk into the same property for The Real Deal’s annual Miami Forum. It’s so reflective of how much the area has changed in the two decades-plus since.
Mana, who made his initial fortune with his moving business, Moishe’s Moving Systems, has spent years assembling his portfolio in Wynwood, downtown Miami and more recently, Allapattah. In Wynwood, he followed others, like Tony Goldman, and invested in the neighborhood’s potential. The Wynwood that became a manufacturing hub from the 1920s to the 1970s later transformed into an artsy district, home to galleries, art fairs, hip coffee shops and stores, and hundreds of hand-painted murals. That version of Wynwood has largely been replaced by condo developments, mixed-use apartment buildings, retailers and restaurants, and office space attracting major tenants like Sony Music, Spotify and Amazon. But it hasn’t all been developed yet.
For Griffin, it’s a blank canvas. Griffin bought 545 Wyn, an office building developed by Chicago-based Sterling Bay, alongside Goldman Properties, last year. Like other billionaire businessmen in South Florida, he could lure a major university to open a satellite campus, attracting major tech and AI investment.
If so, that will increase property values in the area to new heights. Brokers said developers have already made moves based on the acquisition.
“[Griffin’s] investing billions of dollars into a new headquarters designed to attract the world’s top talent in finance, engineering, technology, and most importantly, AI,” restaurant broker Felix Bendersky said. “This isn’t just about building another office tower. It’s about creating an innovation ecosystem — the kind of place where researchers, software engineers, Wall Street guys, founders, venture capitalists all feed off of each other.”
There’s still so much unknown about the deal. Any real estate buy isn’t done until it’s done. What properties does it include? Will Mana use the proceeds to fund his long-awaited redevelopment of downtown Miami’s Flagler Street? (Stay tuned for a map of Mana’s holdings this week.) Are they in any way connected? When will that get done?
And what about concerns of an AI bubble bursting? How does that affect the way all of this plays out?
What we’re thinking about: No one bid on Miami-Dade County’s historic downtown Miami courthouse, not even Mana. What does the future hold for this property? What would you like to see? Send me a note at kk@therealdeal.com.
CLOSING TIME
Residential: A trust tied to the late businessman and philanthropistDana Hamel parted with the oceanfront home at 11800 Turtle Beach Road in North Palm Beach’s Lost Tree Village for $27.5 million. The buyer was 11800 Turtle Beach Road LLC.
Commercial: Cortland Partners sold the Portofino Place Apartments multifamily complex at 4400 and 4600 Portofino Way in West Palm Beach for $208 million, or $256,200 per unit. The buyer was Fairfield Residential.
— Research by Mary Diduch
NEW TO THE MARKET
Christian Angle of Christian Angle Real Estate listed the waterfront mansion at 1616 South Ocean Boulevard for $195 million, a potential Palm Beach record. The lake-to-ocean home sits on nearly 2 acres and has 20,000 square feet of living space, which pencils out to an asking price of $9,790 per square foot. A land trust that conceals the identity of the owner paid $22.4 million for the property in 2018.
— Alissa Gary
A thing we’ve learned
What do Grand Theft Auto’s Vice City and Miami have in common? Enough to spark a collaboration between Miami-Dade County and Rockstar Games before its November release of GTA 6, The Miamian reports. The county’s preliminary pitch shows the city could transform government landmarks into sunset-toned sites from the game’s fictional city based on the Magic City. None of the plans are certain, but a county spokesperson confirmed Miami-Dade has spoken to the game developer.
Elsewhere in Florida
- Construction executive Adam Hlavaty and his husband, Henry Parra, who were among the victims who died in the helicopter crash in Kenya this month, had their home ransacked and cars stolen after their death, Miami Herald reported. Two people were arrested in connection with the crime, which police said is part of an elaborate criminal network.
- In Hillsborough County, commissioners approved a $2.3 billion deal for a new Tampa Bay Rays baseball stadium, according to the Tampa Bay Times. Team owner and real estate developer Patrick Zalupski called it an “incredible day” for the city.
- Small, inland Florida towns are having a moment as homeowners look to escape climate change-induced threats on the coast, like hurricanes and flooding, Inside Climate News reports. Places like Highlands County, Polk County and Hendry County — formerly known for orange groves and agriculture — are seeing massive population growth from inland migration.
- Barneys New York is back from the dead. The luxury retailer plans on opening at Naples’ Bayfront mall, the Naples Press reports, after filing for bankruptcy in 2019 and closing its flagship stores in 2020.
— Alissa Gary
