Newgard Development Group Submits Proposals for Third Riverfront Tower in BrickellNovember 3, 2023
Developer Harvey Hernandez has submitted plans for a 59-story condominium tower along the Miami River, marking the final phase of his ambitious three-tower project in the heart of Brickell.
Under the banner of Newgard Development Group, led by Hernandez, the proposal outlines a 169-unit tower with approximately 1,100 square feet of commercial space, forming a crucial part of the expansive One Brickell Riverfront development. The proposed address for this development is 99 Southwest Seventh Street in Miami. However, it’s worth noting that the final unit count might vary, as Hernandez’s spokesperson has indicated plans for around 160 condos.
The Miami River Commission is scheduled to vote on the proposal for the third tower at an upcoming meeting on Monday. In contrast, the Miami Urban Development Review Board will subsequently vote on the project at a meeting to be determined. These boards serve as advisory bodies, meaning their votes will be recommendations for approval, denial, or approval with suggested modifications. Ultimately, the city administrators will have the final say in the matter.
Newgard, through one of its affiliates, acquired the 1.6-acre development site in 2021 for $50.5 million. The property is strategically positioned near the bustling Brickell City Centre mixed-use complex. In the past year, Newgard also purchased three additional lots at 66 Southwest Sixth Street, 625 Southwest First Avenue, and 69 Southwest Seventh Street for $7 million. These lots will be integrated into the more considerable One Brickell Riverfront development, serving as the gateway to the project.
The first two towers currently under construction are the 44-story Lofty Brickell condominium building and a 43-story residential tower. Together, these towers will offer a combined total of more than 700 units and share a common podium. Currently, Lofty Brickell is reported to be over 92 percent presold, though specifics regarding the units in the 43-story tower (whether they will be condos or apartments) have yet to be disclosed.
Newgard secured a substantial $170 million construction loan for Lofty Brickell last summer.
Hernandez is a well-established developer and investor in South Florida with a focus on condominiums. Some of his notable completed condo projects include the 140-unit Solaris building in Brickell, the 303-unit City Palms in West Palm Beach, the 176-unit Gallery Art in Edgewater, and the 350-unit Centro in downtown Miami, as detailed on Newgard’s website. Additionally, last summer, an affiliate of Hernandez entered into an agreement to sell nine Centro units, which had been involved in a bankruptcy proceeding, for a combined $3.2 million, intending to settle creditors.
The Miami River District and Brickell continue to be high-priority areas for developers. Notably, Urban-X Group’s River Landing Shops & Residences mixed-use complex, completed in 2020, is among the significant projects along the Miami River, with plans to expand through the addition of a proposed 28-story, 475-unit apartment building called MidRiverVu at 1411 Northwest North River Drive. Furthermore, pioneer Miami River District developer Lissette Calderon acquired a development site near the river at 2301 Northwest 33rd Avenue for $32.2 million in the past year.
In the Brickell neighborhood, Aria Development Group, Place Projects, and Largo have proposed a five-story, 105-unit condo building with additional townhomes at 2222, 2250, 2204, 2248, and 2252 Brickell Avenue.