OCTOBER 17, 2023 | SOUTH FLORIDA BUSINESS JOURNAL
Naftali Group has launched condo sales for its new tower at Miami Worldcenter.
The New York-based developer said JEM Private Residences would feature 259 condos. They would be located in the 67-story tower, which would also include 550 rental units, 3,600 square feet of commercial space and about 591 parking spaces.
The developer purchased the 1.02-acre site at 1016 and 1044 N.E. Second Ave. for $40.5 million in 2022. It’s located just west of the Eleventh Street Metromover Station, so it has great access to public transit.
The JEM Private Residences condos would be located on floors 43 and up, while the apartments would be located on floors 10 through 42, said Danielle Naftali, executive of design, marketing and sales at Naftali Group. The condos and rentals would have separate entrance lobbies, elevators and amenity center, she added, with the condo amenities on the 50th floor and the apartment amenities on the ninth floor.
The condos would range from 469-square-foot studios to 2,052 square feet with four bedrooms, plus 10 penthouses of about 4,000 square feet. She said prices would start at just over $540,000 for a studio residence.
Naftali Group requires a 40% deposit paid in stages, she said. JEM Private Residences would permit only four rentals per year for each unit, with a minimum rental period of 30 days, she said. The building would not permit short-term rentals.
Naftali said its sales efforts will target both buyers from South America and people from other states looking to relocate to Miami. Peggy Olin of One World Properties was hired to lead the sales efforts. Olin has plenty of experience selling condos at Miami Worldcenter.
Naftali said condo amenities would include a pool deck, a cold plunge pool, a yoga garden, an outdoor fitness center with a boxing ring, a fitness center, a game room/lounge, a coworking area, a tasting room, a private dining room, an entertainment lounge, and a spa with a sauna, steam room and salt room.
The developer plans to break ground on the tower in the second quarter of 2024, she added. Miami-based Arquitectonica designed the project, with New York-based Rockwell Group crafting the interior design.
“The luxury condominium tower is a true urban oasis within the city, a building beyond comparison that is both beautiful and practical,” stated Miki Naftali, chairman and CEO of Naftali Group. “We have prioritized the resident experience by placing these homes high within the building to provide uncompromising views paired with chic interiors and a compilation of amenities intended to elevate a well-rounded approach to wellness.”
Olin, the broker, noted that she’s sold more than 3,000 units in Miami Worldcenter already, starting with the first tower Paramount, which launched sales eight years ago. The sales center for Paramount is where Naftali Group will now build JEM Private Residences.
It used to be that international buyers were 90% of the sales in the area, but now it’s down to 70% or 75% as there’s more interest from U.S. buyers, Olin said.
“Many buyers from the Northeast and West Coast are younger and appreciate being in the center of town,” Olin said. “We are just starting to see how everything is coming together because the full experience hasn’t come together yet with all the companies coming down.”
Olin also noted that the retail and restaurant scene in Miami Worldcenter has been growing in response to all the new residents. Juvia recently announced it would move from Miami Beach to Miami Worldcenter.
Miami Worldcenter is a 27-acre development district with a range of residential units, shops, restaurants and hotels.
