Naftali Enters Miami With Plans For ‘Supertall Residential Towers’

The developer, one of New York’s most prominent, in partnership with Cara Real Estate Management, paid $40.5 million for a developable parcel in Miami Worldcenter, the massive master-planned project in the city center.

The joint venture plans to build “two supertall residential towers,” spanning 1.3 million square feet in total, said a spokesperson for Naftali. Each building will likely soar 60 stories, the maximum permitted on the site, according to property records.

The Naftali spokesperson declined to comment on when construction is scheduled to begin and whether the joint venture had secured financing, only divulging that pre-sales are slated for the end of this year.

In a sign of Miami’s sizzling property market, the seller, Akara Partners, bought the 44,500-square-foot site, located at 1016 Northeast Second Avenue, two years ago for $18.9 million — less than half of what Naftali paid. In the latest transaction, Colliers’ Mika Mattingly represented both Akara and Naftali.

The development “is a testament to our confidence in Miami’s emergence as a major gateway city and the epicenter of arts, culture, entertainment and business in South Florida,” Miki Naftali, CEO and chairman of Naftali Group, said in a statement.