Moishe Mana Buys City National Bank Building in Downtown; Plans to Create a Tech Hub
Moishe Mana, the Israeli-born real estate mogul, has closed on yet another property. Now, he snapped City National Bank’s former headquarters for $25 million, a 12-story, 140,000 square foot downtown Miami office building. He announced plans for a tech hub.
With the latest purchase, Mana owns approximately 50 properties in the area and has accumulated almost $375 million worth of properties totaling over 1.3 million square feet of buildings on about half a million square feet of land. Mana is, by far, the area’s most significant private landowner, declared an analysis by The Real Deal.
City National Bank occupied more than 50,000 square feet of office and retail space, nearly all of which will be moved to 1450 Brickell. A retail presence by the bank will continue at Flagler street.
Mana spokespeople announced in a meeting with the Downtown Development Authority that he would start to pull construction permits quickly to create a hub for tech and venture capital companies there, with a conclusion beginning in 2021.
But his downtown vision goes further. He wants to create co-working and co-living components, a hotel, a food hall, and public gathering spaces. In theory, this “ecosystem” will equip growing professionals with about everything they would need.
“Downtown has forever been an area of the city that watched other neighborhoods develop but was never redeveloped itself,” said architect Bernard Zyscovich, responsible for designing Mana’s projects.