New York’s Naftali Group Unveils Downtown Miami Condo Development
By Julia Echikson April 17, 2023 4:45 pm
reprints
Two more residential towers are set to rise in Downtown Miami, according to two separate proposals filed to Miami’s Urban Development Review Board.
In the largest of the two proposals, New York’s Naftali Group unveiled plans to develop a 65-story condo high-rise. The development, designed by Arquitectonica, is set to include 723 units, 2,187 square feet of commercial space, and 615 parking spaces.
Last year, the developer, in partnership with Cara Real Estate Management, paid $40.5 million for the 44,500-square-foot site at 1016 and 1044 Northeast Second Avenue, a block south of the MacArthur Causeway.
The firm, led by Miki Naftali, previously said the site would house two towers. It’s unclear if the developer has scaled back its original plans. Spokespeople for Naftali Group did not immediately respond to requests for comment.
Besides a rental tower in Fort Lauderdale, which is also going through the approval process, the Miami proposal is Naftali’s first foray into South Florida. In New York, the developer is best known for building luxury condominiums.
Just two blocks west from Naftali’s parcel, Miami-based Eden Multifamily and New York-based The Dermot Company proposed a 46-story rental tower, designed by architectural and design firm Kobi Karp. The plans call for 430 units, 7,510 square feet of retail space on the ground floor, 455 parking spots, as well as 25,000 square feet of indoor and outdoor amenity space, including a pool, a fitness center and coworking spaces.
The joint venture is still under contract for a 0.8-acre site at 1018 N. Miami Avenue, but expects to start construction next year, said a spokesperson for the developers, who declined to provide the parcel’s pending sale price.
The Urban Development Review Board is scheduled to hear both proposals Wednesday.
Julia Echikson can be reached at jechikson@commercialobserver.com.
