John Crotty
MIAMI—Developer Moishe Mana has purchased 25 West Flagler Street, an assemblage of three parcels in downtown Miami's Central Business District. Avison Young's Florida Capital Markets Group closed the $25 million sale. The property features redevelopment potential of up to 80 stories and about 696,000 square feet.
"The buyer has expressed his vision of executing a large redevelopment plan on the entire Flagler Corridor," Avison Young principal John Crotty tells GlobeSt.com. "No definite plans have been announced yet, to my knowledge."
Crotty says there was a lot of interest in the property based on the location and the potential to reposition the building for the development component. Ultimately, he says, the best buyer was Moishe Mana due to his owning the neighboring property to the east and his significant holdings along the Flagler Street Corridor. The seller was City National Bank. The existing 139,448-square-foot office building was City National Bank's former flagship headquarters. Mana is one of the most prolific private investors in Miami who owns a significant number of properties along the Flagler Street corridor – including the property immediately to the east of 25 West Flagler – and in Wynwood.
"The sale of 25 West Flagler is a major deal in Miami, as the property has become part of a long-range redevelopment play," Crotty says. "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."
Located between West Flagler Street and Northwest First Street, 25 West Flagler advantageously sits across from the Miami-Dade County Courthouse, within walking distance to Brightline's MiamiCentral Station. A recently completed segment of the massive $27 million Flagler Street renovation and beautification project to create a more pedestrian-friendly environment, fronts the property.
New developments are encouraged by the Miami Downtown Development Authority's 2025 Master Plan, which aims to maximize the potential of the Greater Downtown area and its waterfront through the implementation of projects that will increase livability, encourage private sector investment and ensure the proper expenditure of public dollars. Possible redevelopments of 25 West Flagler include a variety of mixed-use options such as office, multifamily or condo residential, hotel and retail.
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