It was three years ago that representatives of billionaire financier Ken Griffin met with Moishe Mana to present him with an offer of approximately US$800 million for his 35-acre portfolio in Miami's Wynwood district. Mana initially rejected the offer, surprised, as his properties were not for sale and he himself was planning the development of a business and entertainment district. However, three days later, the investor conceded.
The cash deal, which ultimately rose to US$1.1 billion, was finalised this week for Griffin without external debt or partners. It represents one of the largest commercial real estate transactions in the country's history. Moishe Mana stated at a press conference: “Once I understood that this would be good for Miami, I saw that it complemented our vision, not competed. I said, ‘Let’s do it.’”
Philanthropic Vision and Campus Development
In addition, Griffin committed to a donation of US$2 billion to Carnegie Mellon University, bringing his total contribution to US$3 billion – the largest combined donation to a university from a private individual. US$1 billion of this donation will support the university's Pittsburgh campus, while US$2 billion will finance the launch of CMU Miami and includes the value of the properties.
This endowment aims to help address one of Miami's greatest challenges as the city seeks to become a global business hub: the lack of world-class universities. Such institutions are crucial for creating a pool of qualified graduates for technology and finance companies. Griffin commented during a public address: “When you look at Pittsburgh and the economic renaissance that's happening there: 250 tech start-ups, 100 companies focused on robotics. The future of America is being built in Pittsburgh – that future will be enhanced by what we build in Miami.”
The Wynwood campus is planned to accommodate over 3,500 undergraduate, master's, and PhD students, as well as nearly 300 faculty members and over 600 staff. Key fields of study will include computer science, medical research, national security, climate resilience, manufacturing, and industrial innovation. Construction is set to begin next year, with enrolment for postgraduate students slated for 2028 and for undergraduate students in 2032.
Strategic Partnerships and Urban Adjustments
Carnegie Mellon and Griffin's teams, who have not yet selected a development partner, commissioned ASG to design the master plan, as Paul Darrah, Head of Real Estate at Citadel, stated. City planners must also adjust the special area plan (SAP) that Mana has had in place since 2017 to integrate educational uses, according to Miami Commissioner Eileen Higgins. SAPs are zoning frameworks that allow master planning over contiguous parcels of land exceeding 9 hectares.
- —Ken Griffin's donation solidifies his role as a formative figure in Miami.
- —Already in 2022, the financial magnate relocated the global headquarters of his companies, the hedge fund Citadel and market maker Citadel Securities, from Chicago to Miami.
- —He has become an active real estate investor in both residential and commercial sectors.
- —Along Miami's financial district waterfront, Griffin is also building a US$2.5 billion office skyscraper in partnership with Related Companies.
Israeli-born Moishe Mana began his investments in Wynwood in 2009, when the district was largely underdeveloped and primarily housed warehouses. In recent years, it has transformed into a hub for luxury condominiums, upscale restaurants, and new offices, including e-commerce giant Amazon. Mana will maintain his presence in the area. In July, the developer acquired the retail building of the popular bistro Pastis for US$25 million as part of a 1031 exchange to offset capital gains taxes from the sale to Griffin. Mana remains the largest landowner in Downtown Miami, where he owns approximately 80 properties. “We are continuing our journey in Downtown,” said Mana. “I’m not done here yet.”
