Even parking lots in downtown Miami are continually attracting investment firms looking for land for future development. A 22,500-square-foot location was recently for $12.3 million with Colliers’ Urban Core Division, an investment management company, representing the buyer and seller of the property at 49 NW 1st Street.
“This transaction showcases how high the demand is for property in downtown Miami,” says Mika Mattingly, Colliers’ Executive Managing Director. “The transformative projects that are beginning to take shape in the area, along with the influx of residents and jobs, are attracting investors from all over the world. It continues to prove that now is the time to invest in the future of downtown Miami.”
The parking lot was sold by Andrew Mirmelli Company: M&M Parking to Moishe Mana, CEO of Mana Common, who is the largest private landowner in Miami. Mana now owns over 60 properties occupying more than 1.3 million square feet in Miami’s Flagler District.
“We’re committed to reviving the Flagler District through sustainable revitalization,” Mana says. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.
A recent analysis showed Greater Miami Downtown’s population has 92,235 people living in the area in 2018, which was an increase of 38 percent since 2010 and a 65 percent jump from 2000 to 2010, according to a study from Miami’s Downtown Development Authority (DDA).
