Naftali, under the guidance of Chairman and CEO Miki Naftali, in partnership with Cara Real Estate Management, acquired a one-acre site at 106 Northeast Second Avenue for $40.5 million last year. Their ambitious project entails the development of a 67-story building featuring 259 condominiums, approximately 535 apartments, separate lobbies and amenities for each, as well as a parking podium, as disclosed by Naftali.
The condominiums, aptly named JEM Private Residences, are planned to commence from the 43rd floor. The architectural vision for this project is being crafted by the Miami-based firm Arquitectonica, led by Bernardo Fort-Brescia, in conjunction with the New York-based interior design experts at Rockwell Group. The building is expected to ascend to a towering height of over 700 feet, as stated in their press release.
Peggy Olin’s OneWorld Properties has been enlisted by Naftali to spearhead sales and marketing efforts. OneWorld Properties boasts a track record of successful presales for numerous new downtown Miami developments, including Paramount Miami Worldcenter and YotelPad Miami. Pricing for Naftali’s project will begin in the $540,000s.
The units will range from studios to four-bedroom condominiums, with the tower featuring 10 penthouses, some of which will include outdoor hot tubs. Condo residents will also have exclusive access to a 50th-floor amenity suite, complete with a sky lounge.
Construction is set to commence in the second quarter of the following year, with plans to seek construction financing by the end of that year or the beginning of 2025, according to Naftali. He emphasized the strategic timing of the project, citing the firm’s ability to secure construction financing when needed.
While this marks Naftali’s inaugural large ground-up development in South Florida, he previously invested in garden-style multifamily properties in the early 2000s and currently owns a hotel. The challenges posed by the pandemic brought him back to South Florida last year. Additionally, Naftali is actively working on plans for a 1.5 million-square-foot mixed-use development in Fort Lauderdale’s Flagler Village.
Naftali noted the demand for the level of quality and attention to detail his firm provides in New York, which drove his venture into the Miami market during the pandemic.
In the broader context of Miami development, Art Falcone and Nitin Motwani have played key roles in the development of Miami Worldcenter, a sprawling 27-acre project, with several development sites sold to other firms in recent years, including the Related Group, Abbhi Capital, and Moinian Group. Notable completed portions of this master-planned community encompass the Paramount condo tower, an 80,000-square-foot retail building, and the Caoba and Bezel apartment towers.
Lalezarian Properties is currently in the process of constructing a 52-story, 550-unit apartment tower at Miami Worldcenter, with plans for the second and third phases that will add up to more than 2,000 residential units, in addition to some commercial space and a parking garage.
Furthermore, within the Miami Worldcenter domain, a group led by Dan Kodsi is undertaking the development of the 50-story Legacy Hotel & Residences, featuring 310 condos atop a 219-key hotel.
