Moishe Mana Plans $20M-Plus Redevelopment of RC Cola Plant
Moishe Mana plans a $20 million-plus redevelopment of the former RC Cola Plant in Wynwood, a move forward on the long-stalled vision for his portfolio in Miami’s arts district, The Real Deal has learned.
The project will include an indoor food hall with nine tenants, a bar spanning 100 feet on two sides, outdoor space for food trucks, a beer garden, retail, event space, and 10,000 square feet of parks and gardens at 550 Northwest 24th Street, according to Mana and Thomas Martin, RC Cola project director.
Dubbed Mana Wynwood @ RC Cola, the project is more of a repurposing than a new development. While two small buildings will be demolished per city requirements to allow for a loading area, the rest of the site and all of the murals will remain, Martin said.
Mana bought the 2.7-acre RC Cola Plant in 2010 for $2.1 million, according to records. Since then, he has run it as a concert venue. The 145,000-square-foot site will continue as such a venue, and will include outdoor event space and 10,000 square feet of indoor seating and stage space.
“We are going to put [on] outdoor music at night that we have for concerts. During the day, it will be a place for families to visit,” Mana said. “It’s really a huge undertaking.”
Mana Common, the developer’s company, has narrowed down the list of potential tenants to 20 but leases have not been signed, according to Martin. One retailer will sell RC Cola-themed and Wynwood-themed merchandise. The rest of the retailers are expected to rotate and sell merchandise tied to events.
Renderings show the main entrance emulates the look of a subway station with a graffitied sculpture of a subway car.
“It’s an ode to the original tagging community, when the tagging community used to tag on the subway trains. That was their canvas,” Martin said.
Construction is expected to start soon, with completion slated for December of next year.
The project comes on the heels of Mana scoring a $275 million line of credit in December for a portion of his Wynwood portfolio, including the RC Cola Plant and other properties near Mana Wynwood Convention Center. The financing excludes the convention center.
Mana declined to disclose how he is financing Mana Wynwood @ RC Cola and whether it’s through the line of credit.
“I have my means. I have my money. I am not a poor man,” he said.
The RC Cola Plant is separate from his Wynwood properties that obtained a special area plan, or SAP, designation from the city in 2016. Plans for that project called for a Mana Wynwood Americas-Asia Trade Center & International Financial Center, and a culture and education-centered portion.
Next, Mana Common plans to reveal more details and specifics for the SAP properties, though a timeline for the announcement is unclear, Martin said.
Mana also has made hefty investments in downtown Miami real estate, spending about half a billion dollars on properties on and near Flagler Street. The portfolio totals 1.3 million square feet across roughly 70 buildings.
