New-York Developer Proposes Two Super Tall Towers at Miami Worldcenter

March 30, 2022

New York-based developer, Naftali Group, recently announced their plans to build two residential buildings at the Miami Worldcenter. Naftali is entering the height of the Miami construction boom where the demand for residential units is so great, that they hope to relieve some of the market stress with this new development.

The proposed site located at 1016 Northeast Second Avenue expands over 44,500 square feet which will include retail, co-working space and residential units. The Naftali Group paid $40.5 million for the property after the seller, Akara Partner paid $18.8 million in July 2020. The deal has been in the works since last year.

Pre-sales for the two ‘supertall’ towers are planned to begin by the end of the year. Naftali has stated they they are not sure whether that the project will include condos, apartments, or both.

In a statement released by the developer, they have be actively looking at sites in Miami for the past 9 months and the owner believes the property is “a truly unique opportunity to develop in the downtown Miami urban core.”

Additional details about the development will be released in the next few months.

Naftali Group has also purchased an 8,227 square foot lot on Eleventh Street across from the Metromover Station. This lot will allow a project up to 1.3 million square feet. Naftali Group has a mixed portfolio including 37 residential project totaling $12 billion in value.

The Miami Worldcenter is designed around several projects which encompass residential towers, commercial properties, entertainment, and retail that spans 27 acres.