Adam Neumann’s Flow Buys Miami Dev Site for $71M

Adam Neumann‘s Flow paid $70.5 million for a 16-acre development site in Miami’s El Portal neighborhood. 

The Miami-based company, which Neumann launched in 2022 after notoriously vacating his role as CEO of the coworking operator WeWork, won an auction for the vacant parcel at 8500 Biscayne Boulevard. The property is zoned to accommodate a mixed-use development with 3.45 million square feet of buildable space and 2,380 residential units.

The property became embroiled in litigation over allegations that the previous owner, an entity called Florida Fullview Immigration Building, led by Leo Wu, had misappropriated funds, which included more than $50 million raised from investors through the EB-5 immigrant investor program. The federal program grants U.S. residency to immigrants who invest at least $500,000. 

“The winning bid from Flow Life was double the initial stalking horse bid and will result in the recovery of a substantial amount of the victims’ losses,” according to a statement from Avison Young’s Michael Fay, who led the sale on behalf of court-appointed receiver Michael Goldberg of Akerman.

Wu’s second site, a 3.5-acre parcel located nearby at 7880 Biscayne Boulevard, sold for $23 million to B Group Capital Management in 2023. 

The purchase marks Flow’s latest expansion in South Florida, after earning a $350 million investment venture capital firm in 2022. In November, Flow, along with partners, purchased a 10-acre office property in Aventura for $116 million. 

The company owns two rental buildings in Miami and Fort Lauderdale. Last month, it launched sales for its third condo project at the Miami Worldcenter master-planned development, after receiving a $108 million construction loan in 2022. 

A representative for Flow could not be reached for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.