Naftali's First Major Ground Up Development in Miami Launches Condo Sales Starting at $540K

Miki Naftali, Chairman and CEO of the Naftali Group, is spearheading an exciting new venture in the heart of Miami in collaboration with Cara Real Estate Management. 

What the upcoming project will entail: This visionary idea saw the acquisition of a prime 1-acre site at 106 Northeast Second Avenue for a substantial $40.5 million investment last year, marking a significant milestone in the city's real estate landscape. The ambitious plans for this development are set to reshape Miami's skyline with a striking 67-story building that will encompass 259 condos, approximately 535 apartments, and distinct lobbies and amenities catering to each segment of the community. Additionally, a parking podium will be integrated to meet the practical needs of residents and visitors alike.

JEM Private Residences, as this project is aptly named, will offer a unique living experience, with its units exclusively located from the 43rd floor and above. Potential residents can expect pricing to commence from the $540,000s, offering a wide range of options to suit various lifestyles and preferences.

The carefully curated design: Behind the architectural marvel that will soon grace the Miami skyline are renowned names in the industry. The Miami-based architectural firm Arquitectonica, led by the accomplished Bernardo Fort-Brescia, is responsible for crafting the building's captivating design. With an expected height exceeding 700 feet, this development is set to be a truly iconic addition to the city's skyline.

But the beauty of JEM Private Residences doesn't end with its exterior. New York-based interior design firm Rockwell Group is tasked with creating the interior spaces, ensuring that the elegance and sophistication of the building extend to every corner of the development.

What can prospective buyers expect from JEM Private Residences?: The units on offer will encompass a wide range, from cozy studios to spacious four-bedroom condos. The development will also feature ten opulent penthouses, some equipped with outdoor hot tubs, adding a touch of luxury and exclusivity to the living experience. Condo residents will also have access to a luxurious 50th-floor amenity suite, which will house a sky lounge, providing breathtaking views and a space for socializing and relaxation.

As for the timeline of this transformative project, construction is slated to kick off in the second quarter of the following year, following the necessary site preparations. The Naftali Group plans to seek construction financing towards the end of the following year or early 2025.