Witkoff Secures $302.6 Million Construction Loan for First Phase of Kobi Karp-Designed Residential Development in Miami Worldcenter

Another major residential development is moving closer to construction in Downtown Miami after Witkoff, in partnership with Monroe Capital, secured a $302.6 million construction loan for the first phase of its planned three-tower community at 700 North Miami Avenue in Miami Worldcenter.

The financing marks a significant milestone for one of the final large-scale undeveloped parcels within Miami Worldcenter. The nearly five-acre property, formerly home to the historic Miami Arena, is planned for a master-planned residential development designed by Kobi Karp Architecture & Interior Design.

The financing was provided by Athene Annuity and Life Company, an affiliate of Apollo Global Management, together with J.P. Morgan Chase. The transaction refinanced approximately $57.3 million in existing debt while providing roughly $245.3 million in new construction financing. Lotus Capital Partners arranged the financing.

The project's first phase will include a residential tower rising approximately 600 feet with 894 residential units. Plans also call for 17,367 square feet of ground-floor retail space and a nine-story parking garage encompassing approximately 167,237 square feet.

Upon completion, the full development will feature three residential towers rising 50, 51 and 53 stories. The master plan includes 2,346 residential units, approximately 30,535 square feet of commercial space and 2,078 parking spaces, creating one of the largest planned residential communities within Miami Worldcenter.

The development continues to move through the City of Miami's permitting process. Site preparation has already been approved, while the master building permit and phased vertical construction permit remain under review. Construction costs for the first phase are estimated at nearly $270 million, with Coastal Construction serving as the project's general contractor.

Witkoff and Monroe Capital acquired the property for $94 million in 2021 after earlier redevelopment plans for the site were never realized. Before the current vision, the parcel had been slated for a Marriott Marquis hotel and convention center project that ultimately did not move forward.

The property occupies the former site of the Miami Arena, which opened in 1988 as the original home of the Miami Heat before later hosting the Florida Panthers, as well as concerts, sporting events and other entertainment throughout its history. The arena was demolished in 2008.

Located within walking distance of Brightline's MiamiCentral Station and other regional transit connections, the project represents another major step in the continued evolution of Miami Worldcenter as Downtown Miami's mixed-use neighborhood continues to expand.

Renderings via Kobi Karp Architecture & Interior Design

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Naftali Group Expands Retail Offerings at JEM Private Residences with ITO•Kaya and SunLife Organics at Miami Worldcenter

JEM Private Residences, the highly anticipated luxury residential tower developed by globally recognized real estate development and investment firm Naftali Group, has announced the addition of ITO•Kaya, a new Japanese dining concept from the team behind ITO, the acclaimed omakase restaurant, along with SunLife Organics, a Malibu-born wellness café, to the building’s retail space. Together, these additions further elevate JEM’s curated lifestyle experience, bringing both wellness-driven offerings and a vibrant dining destination to Miami Worldcenter.

“Miami has evolved into a global destination for dining and lifestyle, and we wanted JEM to reflect that in a way that feels natural,” said Danielle Naftali, Executive Vice President of Marketing, Sales and Design at Naftali Group. “We’re curating the right mix by bringing in concepts like ITO•Kaya and SunLife Organics that people can easily enjoy every day.”

ITO•Kaya, a new concept from the team behind ITO, the acclaimed omakase restaurant with locations in New York and Las Vegas, is brought to life by hospitality group VCR Group in partnership with Chefs Masa Ito and Kevin Kim. VCR, led by partners David Rodolitz, Gary Vaynerchuk, Conor Hanlon, and Chef Josh Capon, is known for crafting experience-driven dining that blends culinary excellence with a strong sense of community, including the members-only Flyfish Club in New York City.

At JEM, ITO•Kaya will present a Japanese-inspired menu centered around shareable dishes, alongside nigiri, sashimi, and skewers, complemented by cocktails, sake, and Japanese whiskies. Designed to create a lively, social atmosphere, the restaurant will serve as both a neighborhood destination and an extension of JEM’s residential lifestyle, with service integrated into the building’s amenity deck and private residences. The concept reflects the development’s commitment to a more connected, experience-driven way of living.

"ITO•Kaya is a natural evolution of what we’ve built with ITO, bringing a more social, energetic format to the experience while maintaining the same level of quality and attention to detail,” said David Rodolitz, Founder and CEO of VCR Group. “Its location within the walkable Miami Worldcenter creates a unique opportunity to connect with both residents and the broader Miami community in a meaningful way."

"The menu is designed to be shared, featuring dishes that are bold, balanced, and crafted to enhance the overall dining experience,” said Chef Masa Ito, Michelin-starred Chef and Co-Founder of ITO. “It will offer a setting where guests can engage with the food in different ways, whether for a full dining experience or a more casual, spontaneous visit."

SunLife Organics, the Malibu-born wellness brand dedicated to promoting clean, nutrient-rich living, is known for its organic smoothies, superfood bowls, and thoughtfully sourced ingredients. Since its founding, the brand has cultivated a loyal following by emphasizing quality, community, and a holistic approach to wellness. The cafe will offer a health-forward, all-day menu for residents and visitors, serving both the amenity pool and surrounding areas, reflecting JEM’s commitment to making wellness a seamless part of everyday living.

“We’re excited to bring SunLife Organics to JEM in Downtown Miami and be part of residents’ everyday experience,” said Khalil Rafati, Founder of SunLife Organics. “Miami has become a true hub for wellness, and our focus on quality ingredients and feel-good offerings fits perfectly within the city’s vibrant, health-conscious lifestyle.”

Located in the heart of Miami Worldcenter, JEM Private Residences is designed as a next-generation luxury development that seamlessly integrates residential living with hospitality, wellness and dining. The project recently reached a major milestone with the completion of its podium level, marking its transition to vertical construction as it continues to take shape in one of Miami’s fastest-growing neighborhoods. Residents will enjoy access to over 30,000 square feet of amenities, including resort-style pools, state-of-the-art fitness and wellness facilities, and a range of social and entertainment spaces designed to foster connection and community. With the addition of SunLife Organics and ITO•Kaya, JEM continues to build upon its vision of delivering a carefully crafted environment where design, culture and hospitality converge.

The sales gallery is open daily and located in Miami Worldcenter at 110 NE 10th Street.

Renderings via Hayes Davidson

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Miami Worldcenter Associates Sells Development's Retail and Entertainment District to Falcone Group and Partners For $210 Million

Miami Worldcenter Associates has sold Miami Worldcenter’s 27-acre retail and entertainment district to a venture comprised of affiliates of the Falcone Group, ROK Acquisitions, Andrew Mirmelli, The Davis Companies (Davis) and Jamestown for $210 million. The district features 300,000 square feet of retail, dining and entertainment businesses, approximately 2,000 parking spaces, and 100,000 square feet of parks and plazas. Miami Worldcenter, a $6 billion mixed-use development, is one of the largest in the U.S. and has activated Downtown Miami with global retail and dining brands, residential towers, hotel options, and new public spaces. Under the new ownership structure, Falcone Group will serve as General Partner responsible for day-to-day operations, joined by ROK Acquisitions and Andrew Mirmelli, with Davis and Jamestown serving as Limited Partners.

Miami Worldcenter’s journey began two decades ago with the assemblage of more than 30 parcels in Miami’s Park West neighborhood and in 2011 the current Miami Worldcenter Associates partnership was formed with Falcone Group, Nitin Motwani and CIM Group. Miami Worldcenter Associates has led the project’s construction in tandem with best-in-class developers from across the country. Along the way, Miami Worldcenter has catalyzed the revitalization of Downtown Miami, with billions in private sector investment pouring into the surrounding district and more than 100,000 residents now calling the neighborhood home.

The following properties are included in the transaction:

• Block H Garage – 644 NE 2nd Avenue (922 parking spaces)

• Block H Retail – 652 NE 2nd Avenue

• Block F West – 725 NE 1st Avenue (including the Apple store at 100 NE 8th Street)

• Block F East – 150 NE 8th Street

• Block D East Retail – 850 NE 2nd Avenue

• Block D East Garage – 888 NE 2nd Avenue (1,100 parking spaces)

• Block CD West – 851 NE 1st Avenue

“The coming to life of Miami Worldcenter has been a two-decade journey that began with the belief that Downtown Miami was poised to become a true global destination. What was once a stretch of vacant lots is now a vibrant, walkable neighborhood that reflects the energy, diversity, and ambition of our city. When CIM Group joined the partnership it provided momentum, enabling the team to realize our shared vision for Miami Worldcenter, and as the new owners, we’re committed to sustaining the property’s success well into the future,” said Falcone Group CEO and Miami Worldcenter Associates Founding Partner Art Falcone.

“When CIM Group team members first visited the Miami Worldcenter development site, it was collection of overgrown dirt plots and underutilized structures—but it was clear that this was a premier location with potential for a thoughtfully designed mixed-use development,” said Shaul Kuba, Co-Founder and Principal, CIM Group. “CIM Group joined Art Falcone and Nitin Motwani in a shared vision to create a dynamic, game-changing destination that has been realized as Miami Worldcenter.

The Davis Companies’ involvement reflects a shared conviction in Miami Worldcenter’s strong foundation, long-term potential, and next phase of growth. By combining continuity of vision with additional institutional capital, strategic oversight, and operational discipline, the partnership is well positioned to build on the project’s early success and thoughtfully execute the next phase of leasing, activation, and customer experience initiatives that will further elevate both performance and placemaking.

Davis, a Boston-based investment, development and real estate fund management company that is celebrating its 50th anniversary in 2026, is making this investment in Miami Worldcenter as the firm expands its portfolio of transformational projects turning underused underutilized space into vibrant mixed-use destinations.

“Miami Worldcenter is recognized nationally for its evolution from parking lots, low rise industrial buildings and undeveloped space to an entirely new district within a city, creating endless opportunities for residents to live, shop and socialize all in one neighborhood,” said Jerry Murphy, Managing Director of Investments at Davis. “This partnership with Falcone and Jamestown will unlock new potential for the site’s retail components as it enters its next chapter. Davis is thrilled to expand our South Florida portfolio and to be part of a project redefining the urban landscape in the vibrant and dynamic Downtown Miami area.”

Home to an array of shopping, dining, entertainment options set alongside thousands of residences and hotel rooms, Miami Worldcenter is a master-planned development which features 300,000 square feet of retail, $100 million in privately built infrastructure, 100,000 square feet of public space, a $5 million collection of public artworks, and more than 16 residential and hospitality towers – many of which are already completed or underway.

“More than a master-planned development, Miami Worldcenter is a true city within a city that has transformed Downtown Miami with top retail brands and food and beverage operators from around the world. Bringing it all together is an amazing network of public spaces that are bringing our community together every day. This would not have been possible without the foresight of Falcone Group and CIM Group, which understood the potential for this neighborhood long before anyone else,” said longtime Miami Worldcenter Associates Managing Partner Nitin Motwani.

The first phase of retail development was completed and opened in early 2025 and is now home to an array of global brands – including a flagship Apple store, Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, Timeluxe, Openbank by Santander, SkinSpirit, Blo Blow Dry Bar, and Club Studio.

Miami Worldcenter’s food and beverage offerings include Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, and Starbucks, and local favorites including Serafina, and Go Greek Yogurt. Entertainment destinations include Lucky Strike Bowling and the immersive Museum of Ice Cream.

Supporting Miami Worldcenter’s retail tenants are several residential towers which bring a built-in population that have been developed by notable owners such as of Related Group, Naftali Group, Witkoff, Adam Neumann’s Flow, Merrimac Ventures, Aria Development Group, Lalezarian Properties, Falcone Group, Abbhi Captial, and Lynd Group. On the hospitality front, the citizenM Miami Worldcenter hotel is now open, with additional hotel concepts set to debut in future phases.

Complementing these commercial and residential offerings is convenient access to rail, road, and pedestrian connections, with Miami Worldcenter standing as South Florida’s premier transit-oriented development. Located adjacent to Brightline’s MiamiCentral Station – a high-speed rail hub linking Downtown Miami to major cities across Florida – the development is also seamlessly connected to Tri-Rail, Metrorail, Metromover, and the Brickell/Biscayne trolley systems, ensuring effortless regional mobility.

Images via Miami Worldcenter and Blue Water Drones

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Kasumigaseki Capital Launches First Project in the United States at Miami Worldcenter

Kasumigaseki Capital Co., Ltd. (headquarters: Chiyoda-ku, Tokyo; Representative Director, President and CEO: Koshiro Komoto; “KC”) announced that it has established a subsidiary in the United States, Kasumigaseki Florida LLC (headquarters: Florida), and commenced business in Miami. Tatsuo Higuchi will serve as President of Kasumigaseki Florida LLC.

“Entering the Miami market represents a natural next step in our company’s expansion to the U.S. The area’s diverse population and international appeal as a major tourist destination complement our existing hotel business,” said Tatsuo. “We see this move as a tremendous opportunity to be part of Miami as a world-class destination, and we look forward to collaborating with local partners to contribute to Miami Worldcenter’s continued evolution.”

KC also announced that for its first project in the U.S., the company has executed the sale and purchase agreement for a highly coveted parcel at Miami Worldcenter and has acquired the development site for BLOCK C EAST for $89 million. Kasumigaseki Capital will introduce a mixed-use development project centered on hotels and residences located at 155 NE 10th Street in downtown Miami.

“It is a tremendous honor to welcome Kasumigaseki Capital to the Miami Worldcenter family,” said Alfonso Costa Jr., Chief Operating Officer of Falcone Group. “In our role as master developer, we are proud to support the company throughout its emergence into the U.S. real estate market as it embarks upon this exciting project.”

KC is engaged in developing hotels to help make Japan an even more attractive tourist destination and to support regional revitalization. KC operates a nationwide portfolio of hotel brands, including the hotel brands for group guests, “fav”, “FAV LUX”, “edit x seven”, and “seven x seven”, as well as the culture business hotel brand “BASE LAYER HOTEL”, handling everything from planning and development to operations in-house.

Tatsuo joined KC’s Real Estate and Development Division in 2020, where he has led site acquisition and project management operations in the hotel business. He was appointed to the board in 2025. Tatsuo’s background includes promoting housing developments, large-scale land development projects, the acquisition of development sites, corporate sales, tenant leasing for office buildings, and other operations at a leading developer.

As part of its strategic global expansion, KC is actively bringing its deep expertise and institutional capital to dynamic international markets, including South Florida. Going forward, KC will steadily expand its business in the U.S. while also considering expansion into other countries, aiming to achieve further growth for the company.

Rendering via Kasumigaseki Capital

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Naftali Group Tops Off Podium Level at JEM Private Residences in Miami Worldcenter

National real estate development and investment firm Naftali Group has topped off of the podium level at JEM Private Residences in Downtown Miami. This milestone marks the completion of the 11th floor and signals a major step forward in the vertical construction of the 67-story luxury tower rising within Miami Worldcenter. Construction is overseen by Coastal Construction.

With this achievement, the structure transitions from the building’s foundation and parking levels to the residential tower above. With the lobby, retail and parking garage now complete, construction continues to advance upward toward the tower’s full height.

“This milestone speaks to our confidence behind JEM Private Residences and the incredible overall development and growth in Miami Worldcenter,” says Miki Naftali, Chairman and CEO of Naftali Group. “We are looking forward to delivering a remarkable residential tower in the heart of Downtown Miami with our commitment to high-quality design and craftsmanship, while offering an elevated living experience for residents at every level.”

Construction at JEM Private Residences is advancing at an impressive pace. The project broke ground in April 2024, less than six months after the project was introduced to the market, an unusually fast timeline for Miami real estate. That momentum has been fueled by strong buyer demand, including the recent international $8 million sale of Sky Villa 2 with Interiors by FENDI Casa, and further accelerated by Naftali Group securing $465 million in construction financing in 2025. The funding provides the capital to drive all phases of the project forward, reflecting strong institutional confidence and underscoring Naftali Group’s commitment and ability to deliver large-scale, design-driven residential developments in South Florida. Construction continues on schedule, with completion anticipated in Q4 2027.

Developed by Naftali Group and designed by Arquitectonica with interiors by Rockwell Group and landscape architecture by EDSA, JEM Private Residences will feature 273 luxury condominium residences ranging from studios to four-bedroom layouts, along with a limited collection of Sky Villas with Interiors by FENDI Casa at the crown of the building. Residences are intentionally positioned to begin on the 43rd floor to maximize views of the Miami skyline, Biscayne Bay and the Atlantic Ocean.

The sales gallery is open daily and located in Miami Worldcenter at 110 NE 10th Street.

Renderings via Hayes Davidson / Construction images via PROFILEmiami

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Inside Miami Worldcenter's Newest Bistro & Raw Bar from Maple & Ash, Eight Bar by Chef Danny Grant

Chef Danny Grant, known for award-winning restaurants Maple & Ash, Monarch, Kessaku, Marisella, and Eight Bar, has brought his next chapter to Miami. Eight Bar recently opened on the first floor of Maple & Ash at Miami Worldcenter, offering a vibrant indoor-outdoor setting and Maple Hospitality Group’s signature hospitality, which is warm, attentive, and centered on making every guest feel at home.

Eight Bar was designed with the city’s energy in mind. While the Chicago location is a favorite, this isn’t a carbon copy; it has been thoughtfully reimagined for Miami as a neighborhood gathering place in a stylish setting that blends polished with playful charm. From lush greenery to leopard wallpaper adorning the back bar, the design layers playful, unexpected details with a sense of warmth that makes the space as inviting as the menu. Whether stopping in for a quick bite, a celebratory dinner, or a glass of wine with friends, Eight Bar Miami is meant to feel like part of the neighborhood; casual yet elevated, approachable yet unforgettable.

“Eight Bar has always been about serving incredible food and drinks with equally genuine service without the pretense,” says Chef Danny Grant. “With Miami, we wanted to create a place that fits the way this city eats and gathers - somewhere you can swing by for sushi after work, a burger with friends, or a bottle of wine late at night and feel like it’s your spot.”

At Eight Bar Miami, the menu is crafted around dishes that are both comforting and refined, designed for sharing, celebrating, and returning to time and again. With approachable price points and a spirit that reflects the city’s love of fresh seafood and vibrant flavors, the highlights range from local staples to modern bistro favorites, each with its own playful twist.

Menu offerings include the Crispy Fried Whole Red Snapper, a Miami essential reimagined, served sizzling with Szechuan-spiced sauce and bouquet garnish, perfect for the table. The celebrated Plateau Del Mar is an abundant centerpiece for sharing, featuring lobster, prawns, scallops, oysters, and fettuccine in a Calabrian chili sugo. The Eight Bar Burger is a juicy Wagyu beef patty with classic fixings on a toasted milk bread bun. The Hand-Cut French Fries are Kennebec potatoes brined, double-blanched, and fried golden, offered classic, with truffle, or “Get ’Em Dirty” with blue cheese dust and a dirty martini. Other standouts include the Skewers, a choice of miso-butter chicken or glazed Wagyu beef, grilled over flame and ideal for passing around the table; the Hamachi “Pizza,” nori layered with wasabi aioli and pickled chili, bringing a playful, zesty note to the menu; and signature sushi rolls like the King Crab Roll served with Truffle and warm drawn butter, and the Spicy Tuna Roll with yuzu kosho aioli and crunchy shallot. The table can also indulge in Chef’s Golden Nigiri selection and delicacies such as Toro & Caviar or Spot Prawn with garlic butter and lemon oil.

The cocktail program at Eight Bar is designed to be as dynamic and welcoming as the space itself, striking a balance between inventive signatures and timeless favorites. Highlights include house creations like Vice City, which is tropical yet smoky, featuring 400 Conejos mezcal, papaya, hot honey, mango limonada, caged heat, and mint, and Electric Flamingo - a whimsical, citrusy sip made with Grey Goose, Lillet Rosé, and bubble gum. For those craving bolder profiles, options like Good Trouble made with ghost tequila and spiced watermelon. Alongside these, guests can enjoy refined takes on classics, such as the Aperol Spritz, Lemon Drop, Gimlet, and Martini, all crafted with the same attention to detail. Rounded out by a thoughtful selection of beers, wines, sake, and spirit-free offerings, Eight Bar’s cocktail program delivers something for every mood and moment.

Happy Hour is offered daily from 4-6 pm, when guests can enjoy a curated selection of bites and cocktails for just $8. Guests are also able to enjoy Eight Bar Miami beyond the restaurant, with delivery available exclusively through DoorDash. From craveable shared plates to signature dishes, the neighborhood bistro experience will be a tap away.

Designed by Studio K, Eight Bar Miami sets the stage with a dramatic blend of elegance and energy. By day, the space offers an airy, garden-inspired retreat flooded with natural light; by night, it transforms into a sultry, dimly lit lounge under a trimmed lattice dome. The 97-seat venue features bold architectural elements, including black-and-white patterned marble floors and a sculptural stone host stand, with lush greenery that weaves throughout the space, from plush banquettes to up-lit palms, blurring the line between indoor and outdoor dining to create a refined hideaway. Eight Bar is a seamless extension of the brand’s signature steakhouse sophistication, connected by a custom art-lined elevator corridor that welcomes guests to Eight Bar’s tropical oasis downstairs and the glamour of Maple & Ash’s dining room upstairs.

Eight Bar Miami is located in Miami Worldcenter at 699 NE 1st Ave, 1st Floor, Miami, FL 33132.

Restaurant photos by Filipe Cuevas, Culinary photos by The Louis Collection & Cocktail photos by James Livingston

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Naftali Group Debuts 'JEM in the Sky' as Art Basel Begins

Naftali Group kicked off Miami Art Week with an exclusive Art Basel preview on Tuesday, December 2, at the JEM Private Residences sales gallery in Miami Worldcenter, presenting the impressive new installation, “JEM in the Sky.” Guests were treated to cocktails and hors d’oeuvres as they observed the installation’s craftsmanship up close and captured photos before its lift. As evening turned to night, the installation rose into the skyline, revealing Miami’s newest “Jewel in the Sky” and delivering a highlight of Miami Art Week. The experience previewed what JEM Private Residences aims to bring to the heart of downtown: a new benchmark for refined living grounded in beauty, craftsmanship and cultural presence.

The installation was on display every evening from December 2 to December 7, allowing residents and visitors throughout the week to experience the glowing landmark and its dialogue with the city around it.

Developed by Naftali Group, JEM Private Residences is the jewel of downtown Miami, located within Miami Worldcenter. The residential tower will rise over 700 feet tall and span 67 stories, defining itself as a focal point within the city. Naftali Group has brought together a world-class team of architectural and design talent, including Miami-based Arquitectonica and the internationally renowned Rockwell Group. Spanning from studios to four-bedroom options, JEM Private Residences is the epitome of luxury in South Florida, with residences beginning from the 43rd floor, to ensure all residents experience picturesque city views of downtown Miami.

Located atop the 50th floor, JEM Private Residences offers an expansive suite of amenities, including a 60-foot outdoor pool, indoor Sky Lounge, state-of-the-art fitness center, boxing arena, yoga patio, spa suite with steam, salt, and sauna rooms, along with a co-working space and spirits tasting room for refined social experiences. The crowning jewel of the building will be the JEM Sky Villas with Interiors by FENDI Casa, a collection of luxury penthouses designed with signature FENDI Casa furnishings and designs.

Construction progress for JEM Private Residences is already underway. The project broke ground in April 2024, just under 6 months after bringing the project to market, which is atypical for the Miami real estate market. That momentum is reflected in the market as well, with sales moving at a strong pace, including the recent $8 million sale of Sky Villa 2 with Interiors by FENDI Casa. This move speaks to Naftali Group’s track record as a developer and underscores its confidence in the continued efforts to bring high-quality residential products to South Florida. The project is now rising past its sixth level and remains on track to be completed in Q4 of 2027.

As Naftali Group deepens its footprint across South Florida, the firm continues to expand beyond Miami with Viceroy Residences Fort Lauderdale. Ideally situated between Las Olas Boulevard and Flagler Village, Viceroy Residences Fort Lauderdale is the first Viceroy-branded luxury condominium in Fort Lauderdale and is set to redefine the South Florida residential scene with its hospitality-driven approach. With a collection of luxury residences and over 30,000 square feet of thoughtfully designed amenities and bespoke services, Viceroy Fort Lauderdale creates an unmatched urban oasis that sets a new standard for luxury living.

For more information or to schedule a private presentation, please contact the JEM Private Residences Miami Sales Gallery at info@thejem.com or visit thejem.com.

Images via Naftali Group

Naftali Group Secures $465 Million In Construction Financing for JEM Private Residences in Miami Worldcenter

Real estate development and investment firm Naftali Group has secured a combined $465 million in construction loan financing for the development of JEM Private Residences in Downtown Miami. Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, provided $235 million in C-PACE financing, while Bank Hapoalim (BHI) supplied an additional $230 million in traditional construction loans.

Located in the heart of Downtown Miami’s urban core within Miami Worldcenter, JEM Private Residences is a 67-story luxury tower designed by Arquitectonica and Rockwell Group, featuring 259 residences beginning on the 43rd floor, including exclusive Sky Villas with Interiors by FENDI Casa that crown the top of the development with the brand’s timeless aesthetic. Its 50th-floor amenity suite offers resort-style living with a 60-foot outdoor pool with a sculpture by Lorenzo Quinn, indoor Sky Lounge, state-of-the-art fitness center, boxing arena, yoga patio, spa suite with steam, salt, and sauna rooms, along with a co-working space and spirits tasting room for refined social experiences.

“Today, we closed the second phase of our construction loan while hundreds of construction workers are working hard on building our remarkable project in the heart of Miami Worldcenter,” said Miki Naftali, Chairman and CEO of Naftali Group. “Our JEM private residences offer quality second to none in one of the only walkable destinations in Miami with world-class retail, museum and cultural institutions, entertainment and incredible dining. It is the center of all major transportation, like the Brightline, Metrorail and the Miami International Airport. With JEM Private Residences, we’re bringing a new level of design, quality and attention to detail that defines our work, creating a building that will stand the test of time in the Miami skyline.”

Alexandra Cooley, CEO and Chief Investment Officer of Nuveen Green Capital, said, "It was an honor to partner with Naftali Group once again for this notable luxury property in downtown Miami. By leveraging C-PACE's low-cost, long-term financing and structuring flexibility, in combination with BHI’s senior construction loan, Naftali was able to finance their project cost-effectively. This record-setting transaction—the largest C-PACE-financed multifamily project to date in Florida—underscores the continued adoption of C-PACE by institutional borrowers to fund their large-scale projects.”

“South Florida remains a key market within BHI’s strategic growth plan, and partnering with developers who bring meaningful, lasting impact to the region is central to our approach,” said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE at BHI. “Naftali Group’s presence in Miami is growing, and we’re pleased to support their ongoing efforts to expand compelling inventory throughout the Miami market.”

Construction progress for JEM Private Residences is already underway. The project broke ground in April 2024, just under 6 months after bringing the project to market, which is atypical for the Miami real estate market. That momentum is reflected in the market as well, with sales moving at a strong pace, including the recent $8 million sale of Sky Villa 2 with Interiors by FENDI Casa. This move speaks to Naftali Group’s track record as a developer and underscores its confidence in the continued efforts to bring high-quality residential products to South Florida. The project is now rising past its sixth level and remains on track to be completed in Q4 of 2027.

Renderings via Hayes Davidson

For more information about JEM Private Residences or to inquire about purchasing a unit please fill out the form below:

Club Studio Opens Flagship Fitness Concept at Miami Worldcenter, Bringing Boutique Wellness to Downtown Miami

Fitness International, LLC, the company behind LA Fitness and Esporta, has officially unveiled its 15th Club Studio® location — a 38,000-square-foot flagship facility at Miami Worldcenter, one of the largest and most transformative urban developments in the country. The state-of-the-art destination blends boutique fitness, recovery, and social wellness, marking a major step in Club Studio’s nationwide expansion.

“Our corner location at Miami Worldcenter brings our full concept to life, giving members the complete experience,” said Nick Roberts, Chief Real Estate Officer at Fitness International. “With over 30 years of operating history in Miami, we understand the transformative impact of the Miami Worldcenter development. Launching our first Florida Club Studio location here feels both natural and exciting.”

Club Studio offers a full range of premium training environments and recovery options under one roof. The flagship location introduces five boutique studio concepts, each designed to maximize results and engagement:

• Strength: High-intensity CS4® classes using treadmills, rowers, ski-ergs, and functional strength equipment.

• Box: Signature boxing workouts combining technique, athletic conditioning, and endurance.

• Ride: Immersive rhythm-based cycling with coordinated lighting and upper-body integration.

• Hot Yoga: Heated “Sweat +” sessions blending traditional asanas, yin poses, and dynamic flows.

• Pilates: Reformer-based resistance classes designed to lengthen, tone, and strengthen the body.

Complementing its studios, the facility features Cryotherapy and Recovery zones offering localized and full-body cryotherapy, massage beds, compression therapy, and percussion tools for athletic recovery. Members also enjoy towel service, personal training, and a Kalologie® Medspa, along with Beaming, a healthy café serving smoothies, snacks, and meals. A curated retail boutique offers apparel and wellness products.

“Club Studio’s arrival at Miami Worldcenter marks an important milestone for our development and for Downtown Miami as a whole,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “As one of our marquee tenants, Club Studio brings an entirely new level of health and wellness offerings to the urban core — a destination that blends boutique fitness, recovery, and lifestyle amenities under one roof.”

Developed by Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, in partnership with CIM Group, Miami Worldcenter spans 10 city blocks and represents more than $6 billion in investment. The master-planned district integrates residential, retail, hospitality, and entertainment offerings that continue to shape Downtown Miami’s identity as a premier live-work-play destination.

Club Studio® is a next-generation fitness brand by Fitness International, LLC, combining multiple boutique studios, premium amenities, and advanced recovery within a single membership experience. The brand currently operates 15 locations nationwide, with plans to reach 50 by 2026.

Naftali Group Completes Foundation Pour For JEM Private Residences Miami in Miami Worldcenter

Naftali Group, a national real estate development and investment firm, has completed the foundation pour for JEM Private Residences Miami. The 8,400-cubic yard pour began May 30th and was expected to last approximately 18 hours and requiring 120 trucks making continuous trips to and from the concrete plant, totaling 840 loads of concrete. JEM Private Residences’ construction is being managed by Coastal Construction and is slated for completion in Q4 2027.

“The foundation pour marks a pivotal moment not only for JEM Private Residences Miami but for the continued momentum of Miami Worldcenter,” said Miki Naftali, Chairman and CEO of Naftali Group. “As one of the first residential towers to reach this milestone in the lifestyle destination this year, JEM is ushering both Downtown Miami and Miami Worldcenter’s high caliber of luxury living one step closer to becoming a reality. We’re proud to work with Coastal Construction to bring this project to life and continue the growth of this extraordinary area, which we are confident will represent a sophisticated urban oasis unlike any other.”

Rising over 700 feet in the heart of Downtown Miami, JEM Private Residences will be the crown jewel of the vibrant Miami Worldcenter. Developed by Naftali Group, this luxury condominium tower is a striking collaboration between world-renowned firms Arquitectonica and Rockwell Group. Featuring 278 condominium residences starting on the 43rd floor, each home offers sweeping views of the city skyline. The 50th floor amenity suite includes resort-style features such as an indoor Sky Lounge, a 60-foot outdoor pool, a state-of-the-art fitness center, a boxing arena, a mist garden, a yoga patio, and a spa suite, with a steam room, Himalayan salt room and sauna. Additional amenities include a thoughtfully designed co-working space, game room, glass-enclosed private dining area, and a refined spirits tasting room.

JEM Private Residences showcases a refined and timeless design that draws inspiration from the surrounding ocean landscape. The development’s wave-like architecture and wraparound terraces on each floor seamlessly blend indoor-outdoor living, and the interiors feature warm wood accents, lush greenery and calming textures to evoke a serene retreat within the bustling city. Fort Lauderdale-based ESDA is at the helm of the tower’s landscape architecture, elevating the ambiance of the development and creating a serene oasis in one of Miami’s most dynamic neighborhoods.

OneWorld Properties is the exclusive brokerage for JEM Private Residences Miami. The JEM Private Residences Miami sales gallery is located in Miami Worldcenter at 110 NE 10th Street.

Renderings via Hayes Davidson

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