This paper presents analysis and discussion of an urban vertical excavation, with the soil nailing technique, in fine-grained soils with high plasticity. The excavation was numerically evaluated using finite element analysis (FEA) using a 3D finite element model (FEM). Several field and laboratory soil investigations were conducted, interpreted and used in the FEA. The FEM model was calibrated using instrumentation and monitoring results during the soil nailing construction. Analyses were conducted focusing in horizontal displacements, nail pullout strength, nail tensile load, soil stress state, and tensile load at the nail head. The results showed that the behavior of the soil nailing retaining wall in fine-grained soils differs significantly from what is typically reported in the literature for non-cohesive soils. The high apparent cohesion of the fine-grained soil resulted in good performance, with reduced horizontal displacements on the face and lower tensile loads in the nails and at their head.