The Real Deal
March 28, 2022
A New York-based developer is diving into the Miami Worldcenter building boom with plans for two residential towers on a site the seller had proposed for a multifamily, retail and co-working mixed-use project.
In a $40.5 million deal, Naftali Group, led by Chairman and CEO Miki Naftali, and its partner, Cara Real Estate Management, acquired the 44,500-square-foot property at 1016 Northeast Second Avenue, according to a press release. The seller is Chicago-based Akara Partners.
Mika Mattingly with Colliers represented the buyer and the seller in the off-market deal, the release states. In July 2020, an affiliate of Akara paid $18.8 million for the property, according to records.
Naftali plans to begin pre-sales for two “supertall” residential towers by the end of the year, the release states. It is not clear if they will be apartments or condos. A Naftali spokesperson told The Real Deal that additional details about the project will be announced at a later date.
In a statement, Miki Naftali said his firm conducted an “extensive search for the right location” and chose the Miami Worldcenter site because it represents “a truly unique opportunity to develop in the downtown Miami urban core.”