Moishe Mana said he gave up on his vision for Mana Wynwood, in favor of an even better one. We looked back.
A decade ago, Mana secured approval for a special area plan to redevelop his Mana Wynwood complex. The proposal called for 3,500 apartments, more than 50,000 square feet of civic space, a private park and thousands of parking spaces, all designed by architect Bernard Zyscovich.
That plan was one version of Mana’s vision for the neighborhood. Over the years, Mana made tweaks. He planned to redevelop the land into a cultural hub with arts, entertainment and business components, modeling Mana Wynwood after Mana Contemporary in Jersey City. He proposed turning into an international trade hub, at one point geared toward doing business with the Chinese.
Now we know how his story largely ends in Wynwood, as he passes the torch to billionaire hedge fund manager Ken Griffin. Mana sold the 30-acre complex to Griffin for $1.1 billion, The Real Deal first reported last week. But even bigger than that, to some, is Griffin’s vision: bringing Carnegie Mellon University, which plans to open a Miami campus in 2028.
“We needed a university of caliber in Miami, and this is one of the reasons that I agreed to give up the dream of Mana Wynwood,” he told TRD in a sit-down interview last week. (Watch the video here.)
In early 2010, Mana acquired his first piece, the property at 318 Northwest 23rd Street, which later became Mana Wynwood convention center. A company affiliate paid $975,000 for the building.
He picked up a few more properties that year. In all, he estimates he spent about $70 million acquiring the land he sold to Griffin. The last 10 percent, or $20 million spent, was the most expensive, as it usually is.
He first invested in the neighborhood around the time Wynwood was developing its reputation for street art and gallery nights.
Miami’s main industry was tourism, and he felt “there is a limit of how many nightclubs and coffee shops we can build,” he said.“ I went and I designed this grand vision to create the global hub to facilitate trade between North America, Latin America and the Far East … I thought this will ignite the economy.”
Residential was never part of the plan; he didn’t consider himself the traditional Miami developer. Mana traveled all over, to China, South Korea, Vietnam and Latin America, “trying to get people on board,” but Trump’s anti-immigrant “America First” agenda halted that, he said.
He sat on the land, although he objected to criticism that he is just a land banker. Securing III Points music festival and other annual concerts and conferences (TRD’s included) ramped up Mana Wynwood’s position as a tourism draw.
He didn’t want a residential developer to come in and “stop the party,” so he continued assembling. After Griffin’s team approached him, Mana sat on the idea of selling for three days. Griffin’s team knew the assemblage as well as Mana by the time they reached out.
“This was already a deal that I knew that’s going to happen because they put a lot of work already ahead of time. I had offers before from people to buy it. But I said no.”
The idea of a major university in the neighborhood brought Mana around to selling..
“I did not have the power and money that Ken has,” he said. “Ken made a difference.”
What we’re thinking about: Is there a billionaire battle brewing between Steve Ross in West Palm Beach and Griffin in Miami? What do you think about Vanderbilt and Carnegie Mellon’s expansion plans in these respective cities? Send me a note at kk@therealdeal.com.
CLOSING TIME
Residential: A trust purchased the mansion at 73 Palm Avenue in Miami Beach for $60.9 million. The seller was a company managed by Darrell Horn, executive chairman of Green Square Wealth Management. The home, which last sold in 2019 for $24.6 million, spans just under 13,000 square feet.
Commercial:In Miami, Publix Super Markets paid $83.3 million for a 204,740-square-foot retail plaza at 5705 Northwest Seventh Street. The deal equated to $407 per square foot. The seller of Airpark Plaza was an affiliate of Maryland-based First Washington Realty.
— Research by Mary Diduch
NEW TO THE MARKET
Tech billionaire Larry Ellison listed his North Palm Beach waterfront estate for $165 million, a record for the town. This is the second time he’s listed the property — he asked $145 million for it in 2022. Ellison paid $80 million for the 8.4-acre property in 2021 with plans to tear down the 15,500-square-foot Tuscan-style mansion, though that house is still standing. The property has 520 feet of oceanfront. Listing agents Paul Kaneb and James Kenny of K2 Realty are marketing the estate as prime for a teardown or expansion. — Alissa Gary
A thing we’ve learned
The controversial data center project known as Project Tango isn’t dead yet. Among its biggest opponents are the residents of the Arden community in western Palm Beach County. Arden residents are calling on county officials to be more transparent about the project after commissioners were accused of having closed-door meetings with the project’s developers, WLRN reported. Though the county commission rejected the proposal in July and instituted a year-long moratorium on new data center applications, developers could resubmit an application for Tango to be considered again.
— Alissa Gary
Elsewhere in Florida
- A group of wealthy backers are looking to fund a redesign of Key Biscayne’s Crandon Park with a Jack Nicklaus-designed golf course, the Miami Herald reported. Sources told the newspaper billionaire hedge fund founder Ken Griffin is in talks to fund the renovation of the county-owned side of the park.
- In Fort Myers, a group of 50 people say a toxic gas released by American Contract Systems caused their cancer — and they’re looking for relief, the Tampa Bay Times reported. A panel of judges heard arguments in the case reminiscent of 1990s big-tobacco suits, asking attorneys on both sides to come to an agreement.
- Westside Capital Group started construction on the RoseArts District, a $2.6 billion mixed-use district in Orlando, the Orlando Sentinel reported. The developer bought the 128-acre former golf course in 2019 for $1.9 million. The project is planned for 5,650 residential units, 65 acres of parks and green space and up to 350,000 square feet of retail.
- Jacksonville’s Hard Rock Hotel won’t be shaped like a guitar, Jax Today reported, as developer Michael Munz unveiled a sneak peek at the 30-story hotel and condo. The property is planned for a 350-key hotel and 152 residences, plus restaurants, retail and live entertainment — though notably, no casino.
— Alissa Gary
