Mana’s company, Jersey Art Holdings, purchased 129 East Flagler Street from WLH Hunter LLC for $3,600,000 or $450 per square foot. This site previously leased to Kentucky Fried Chicken.
Mana also purchased a 6,000-square-foot lot at 116 West Flagler Street from 116 W Flagler St LLC, currently a Dunkin’ Donuts store, for $3,600,000 or $600 per square foot for the land.
The third purchase, 208 West Flagler Street, is a vacant 5,900-square-foot lot purchased from Miami Flagler Parking Lots for $991,500, which equates to $163 per square foot.
Mana now owns 14 properties on Flagler Street, increasing his total number of properties in the urban core to 31—or a total of 780,000 square feet, all acquired within the last 18 months. Mana is close to his goal of achieving critical mass in the downtown area.
Mika Mattingly of Sterling Equity Realty’s MikaMiami Team represented Jersey Art Holdings and the sellers in all three purchases.
“Great cities aren’t born–they are made,” says Mattingly. “Mana intends to infuse Miami’s urban core with arts, culture, and an elegance unknown since the 20s real estate boom. By merging historic integrity with innovative design, Mana is igniting an organic renaissance.”
Miami-Dade County commissioners recently approved a $13 million improvement plan for Flagler Street, with the City of Miami matching the County’s contribution. Downtown property and business owners are covering the remaining $1 million. The renovation will break ground in October 2015.