That is exactly how the South Beach transformation—from a crime-infested neighborhood to one of the world's finest destinations—took shape. In the 1980s “Miami Vice” era, Tony Goldman, Craig Robins, Mel Schlesser and Bob Christoff, all New York developers, led a revival of Miami's South Beach district by acquiring crumbling Art Deco buildings, restoring the historical architecture and repositioning them as hotels, restaurants, street cafes and apartments. Led by New York investor Moishe Mana, downtown is experiencing a similar transformation.

GlobeSt.com: How is Moishe Mana repositioning downtown Miami?

Krasnow: Today, historic Downtown Miami is emerging as New York's newest borough fueled by the re-urbanization of the urban core. Since 2014, Mr. Mana, a Miami transplant from New York, has acquired more than 40 properties worth over $300 million on or near Flagler Street. His investments are nearing the critical mass necessary to bring meaningful change to the area.

Mr. Mana recently retained internationally recognized architect Bernard Zyscovich, a thought leader in holistic master planning and Real Urbanism, to develop a design that promotes and embraces urban living. Since Mr. Mana began his buying spree in 2014, other New York investors have followed, including Edens Investment Trust, Ashkenazy Acquisitions, Brickman, East End Capital and KAR Properties. Property values are reaching levels never witnessed and a new generation of businesses, including Lost Boy Dry Goods, Supply & Advise, Pawn Broker at the historic Langford Hotel, Manna Life Food and Jar + Fork are capitalizing on the area's renaissance.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

MIAMI—For decades, public and private investment has avoided Downtown Miami, where buildings of historic value were decaying and much of the available retail space was leased to tenants hawking luggage, electronics, and cheap clothes. While navigating Flagler Street, particularly at nighttime, you may find it hard to imagine that Downtown Miami could duplicate the renaissance that South Beach's Art Deco district experienced nearly three decades ago.

According to Ken Krasnow, South Florida market leader for Colliers International, the signs forecasting such a future are emerging. Globest.com sat down with Krasnow to find out why investment is now starting to pour into Flagler Street and surrounding streets in part one of this exclusive interview.

GlobeSt.com: Is Downtown Miami turning into the next South Beach?

Krasnow: In the last two years, investors have acquired $1.5 billion of real estate along Flagler Street and surrounding streets. Almost half of that capital comes from New York investors, who have acquired at least 1.28 million square feet of building space and at least 1.1 million square feet of land between the Miami River and Northeast Sixth Street and between I-95 and Biscayne Bay.

That is exactly how the South Beach transformation—from a crime-infested neighborhood to one of the world's finest destinations—took shape. In the 1980s “Miami Vice” era, Tony Goldman, Craig Robins, Mel Schlesser and Bob Christoff, all New York developers, led a revival of Miami's South Beach district by acquiring crumbling Art Deco buildings, restoring the historical architecture and repositioning them as hotels, restaurants, street cafes and apartments. Led by New York investor Moishe Mana, downtown is experiencing a similar transformation.

GlobeSt.com: How is Moishe Mana repositioning downtown Miami?

Krasnow: Today, historic Downtown Miami is emerging as New York's newest borough fueled by the re-urbanization of the urban core. Since 2014, Mr. Mana, a Miami transplant from New York, has acquired more than 40 properties worth over $300 million on or near Flagler Street. His investments are nearing the critical mass necessary to bring meaningful change to the area.

Mr. Mana recently retained internationally recognized architect Bernard Zyscovich, a thought leader in holistic master planning and Real Urbanism, to develop a design that promotes and embraces urban living. Since Mr. Mana began his buying spree in 2014, other New York investors have followed, including Edens Investment Trust, Ashkenazy Acquisitions, Brickman, East End Capital and KAR Properties. Property values are reaching levels never witnessed and a new generation of businesses, including Lost Boy Dry Goods, Supply & Advise, Pawn Broker at the historic Langford Hotel, Manna Life Food and Jar + Fork are capitalizing on the area's renaissance.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.