“This is a crucial first step as we work to reinvigorate the historic downtown and transform it into an economically vibrant commercial neighborhood, blending the best in art, entertainment, fashion, technology and more,” Mana said in a news release.
Over the years, Mana has spent in excess of $350 million to buy up more 50 properties, making him the single largest landholder in the downtown core, the Miami Herald has reported.
The first stage of the project will be at the Flagler Station building at 44 E. Flagler St. the interior will be torn out to create about 20,000 sq. ft. of retail and office space. There will be an incubator for high tech companies in the building.
The Miami International University of Art and Design and Studio Enterprise will relocate to a 13-story office building at 155 South Miami Ave. This structure will also house a five-floor startup hub.
As well, Mana plans to build five commercial galleries, two restaurants and provide a space for talks and screenings on Southeast First Street.