Newgard Acquires Key Miami Parcels – Multifamily Real Estate News
Three Miami, Fla. land parcels have been acquired by Harvey Hernandez’ Newgard Development Group. The parcels serve as a gateway to a master-planned three-tower residential and marina project in the city’s Brickell enclave. Collectively, the parcels commanded a $7 million purchase price. That brings to $57.5 million the developer’s total land investment in the project. Avison Young facilitated the acquisition.
Totaling three-fifths of an acre, the parcels are 66 SW 6th St., 625 SW First Ave. and 69 SW Seventh St. in Brickell, among top live-work-play enclaves in the Magic City.
The three-tower development will be situated just northwest of the $1.5 billion mixed-used project Brickell City Centre, soon to undergo expansion.
River frontage
Envisioned as a complementary development, Newgard’s project at 99 SE 7th Street could encompass as much as 2 million square feet. The frontage along the Miami River will extend 400 feet. The project will include Lofty Residences Brickell, a second branded residential building, and a third luxury branded condominium tower.
In a prepared statement, Avison Young officials noted developers continue to invest in new Miami housing, due to the arrival of new residents from other metros, as well as the infusion of capital into the Miami area. More than a dozen residential projects are either earmarked for, or already underway in, Brickell alone. Waterfront developments are luring exceptional interest.
Avison Young Principals Michael T. Fay; John K. Crotty, David Duckworth and vice president Brian C. de la Fe represented a family trust seller in the disposition to an affiliate of Harvey Hernandez Newgard Development Group. Last month, Related Group broke ground on the $190 million Gallery at West Brickell.
