Naftali Group, in partnership with Cara Real Estate Management, has acquired a 1.3 million-square-foot site in Miami Worldcenter for $40.5 million to develop two residential towers.

Colliers’ Mika Mattingly represented both Naftali and seller Akara Partners in the off-market transaction.

According to Naftali Group, the 27-acre Miami Worldcenter is the second largest active private development in the US with $4 billion in total investments. When complete, Miami Worldcenter will feature a mix of residential, commercial and hospitality complemented by a 300,000 square feet of retail, restaurant and entertainment.

“Following an extensive search for the right location, we chose this property in Miami Worldcenter because it represents a truly unique opportunity to develop in the downtown Miami urban core and is a testament to our confidence in Miami’s emergence as a major gateway city and the epicenter of arts, culture, entertainment and business in South FL,” said Miki Naftali, CEO and chairman of Naftali Group.