A nearly three-year negotiation has ended with Ken Griffin’s purchase of about 30 acres in Miami’s Wynwood district for $1.1 billion, a transaction described as the largest land assemblage deal in Florida history. The site is intended for a new Carnegie Mellon University campus, linking the acquisition to Griffin’s $3 billion commitment to the university.
Key takeaways
- Griffin’s representatives approached developer Moishe Mana about the Wynwood property, which Mana initially said was not for sale.
- The sale closed Sept. 29 for approximately $1.1 billion, after talks that lasted close to three years.
- The land is planned as the site of Carnegie Mellon University Miami.
- Mana is retaining more than 15 acres in Wynwood and plans to keep developing downtown Miami.
A long negotiation over a prized site
Mana told Fox News Digital that Griffin’s representatives first contacted him about buying the property, which he had spent years assembling and developing. Mana said he initially rejected the proposal, then reconsidered after reflecting on the prospective educational use of the land.
The negotiations took roughly two and a half to three years from first contact to closing, according to Mana. The contract was formally signed about 18 months before the sale closed. He said the parties ultimately agreed on a price based on Griffin’s stated budget and the project’s purpose.
A campus backed by a major university gift
The Wynwood acquisition is part of Griffin’s broader $3 billion gift to Carnegie Mellon University. The university has said $2 billion will support the launch of Carnegie Mellon University Miami, while the remaining $1 billion will go to its Pittsburgh campus. The gift has been described as the largest individual donation in higher education history.
The planned campus is expected to bring a major higher-education and research presence to Miami. Mana characterized the project as an investment in students and the region’s future, arguing that its potential value extends beyond the price paid for the land.
Mana’s Wynwood legacy and next focus
Mana began investing in Wynwood in 2009, during the Great Recession, starting with a distressed warehouse purchase of about $5 million. He said he spent less than $70 million assembling his portfolio there. Over the years, he also supported street art, music festivals and cultural programming that helped shape the district’s identity.
Mana Common said Mana will retain more than 15 acres in Wynwood and continue overseeing existing operations and events for the foreseeable future. Mana also plans to focus on downtown Miami’s Flagler District, where his company says it has acquired about 80 properties for roughly $600 million over 11 years. He says the goal is to build a community that connects technology, fashion, arts and education.