OCTOBER 17, 2023 | FINANCIAL ASSETS
Downtown Miami‘s revitalization efforts have had limited success until now, as Naftali Group Chairman and CEO Miki Naftali sets his sights on the neighborhood’s transformation. In an exclusive interview with FOX News Digital, Naftali announces his firm’s entry into Downtown Miami with the introduction of the JEM Private Residences in Miami Worldcenter, a pedestrian-focused neighborhood. The company has also acquired a significant amount of property in South Florida, totaling a value of $1.1 billion.
Despite primarily operating in New York City throughout his career, Naftali observed Miami‘s significant changes since the 1990s. In recent years, the post-COVID population and business boom have created new development opportunities for Naftali, who considers both Miami and New York City as cosmopolitan melting pots. The perception of Miami has shifted from a retirement destination to a vibrant city that appeals to people from around the world.
Naftali is collaborating with Miami broker and OneWorld Properties CEO Peggy Olin to accommodate the growing demand for entertainment, retail, transportation, and hospitality in Downtown Miami. Olin, who has sold nearly 50% of pre-constructed or newly built condominiums in the area, shares the vision of establishing Downtown Miami as a thriving hub. While Olin mentions the focus on nearby neighborhoods like Brickell, Wynwood, and the Edgewater design district, she believes that Downtown Miami offers buyers the perfect balance between experiencing the city’s energy and having a peaceful retreat.
Downtown Miami‘s attraction lies in its proximity to the Miami Worldcenter, the expansion of Florida‘s high-speed train, Brightline, and numerous cultural and artistic institutions. Naftali emphasizes that his team has invested a significant amount of time in understanding the desires of clients and locals to create properties that embody meticulous attention to detail and provide a high-end experience. However, he reassures that the firm remains committed to preserving Miami‘s proud Latino and Hispanic culture and understands the importance of preventing gentrification.
Naftali’s grand vision for Downtown Miami extends beyond the current project. He envisions building a renowned international hub that can rival cities like London, Tokyo, Dubai, and New York. The team intends to explore various types of future developments, be it in the hospitality or residential sector, with a focus on making a genuine difference in the city’s landscape.
