JEM Private Residences: Podium Done, Q4 2027 Target

JEM Private Residences, Naftali Group's 67-story condo and rental tower at 1016 NE 2nd Avenue in Miami Worldcenter, finished its podium in February 2026 and is now climbing floor by floor. As of October 2026 the developer still targets completion in the fourth quarter of 2027, backed by $465 million of construction financing closed in late 2025.

Where construction stands

• Groundbreaking: April 2024.
• Podium complete: February 2026, when the 11-level base of lobby, retail and parking was topped off and crews moved on to the tower's concrete superstructure.
• Planned height: about 700 feet over 67 stories, designed by Arquitectonica, with Coastal Construction as general contractor.
• Target completion: fourth quarter of 2027.

No full-height topping-off had been reported as of October 2026.

How the $465 million is structured

The Real Deal and Commercial Observer reported in November 2025 that the package combines $235 million of C-PACE financing from Nuveen Green Capital with $230 million of construction loans from Bank Hapoalim's U.S. arm. C-PACE debt is repaid through a special assessment on the property tax bill, a structure normally seen on commercial buildings, which is part of why this deal drew attention.

Condos and rentals in one tower

JEM mixes about 530 rental apartments with a smaller block of for-sale condos on the upper floors. Published counts for the condos differ: the November 2025 financing reports said 259, Bisnow said 278, and the developer's February 2026 podium announcement said 273. Buyers should read the condominium declaration for the final number, because the size of the condo association, and how shared costs are split with the rental side, drives future HOA budgets.

What the Worldcenter resale market looks like

JEM will deliver into a Downtown market with more inventory than buyers. As of October 13, 2026, Own.Miami's Downtown market report counts 923 condos for sale against 368 closings in the last 12 months, about 30 months of supply, with a median sale of $587 per square foot. Closings were down about 11% year over year.

The best delivered comparison is two blocks away. Paramount Miami Worldcenter, completed in 2019 with 567 units, recorded 32 condo sales on deeds between October 2025 and September 2026 at a median of $1,019,000. Its MLS closings over the last year had a median of $612 per square foot, while its 94 active listings ask a median of $670. Lenders are active there: Own.Miami's Financeability Index rates it strong, with 17 purchase loans from regulated lenders in the last 12 months.

By comparison, the 3 listings already on the MLS for JEM Private Residences ask a median of $1,392 per square foot, more than double what Paramount units are closing at. Part of that gap is new construction and higher floors, but it shows how much a preconstruction buyer is paying above the current resale market.