Newgard hires Terra exec as SVP of development

Michael Patrizio worked on luxury resi projects at Terra

Miami /
Dec.December 19, 2019 10:30 AM
Harvey Hernandez and Michael Patrizio

Harvey Hernandez and Michael Patrizio

Developer Harvey Hernandez hired a former Terra executive as senior vice president of development.

Michael Patrizio, former director of urban development at Terra, joined Hernandez’s Newgard Development Group last week, Patrizio said. As Newgard’s new senior vice president, he will work on Newgard’s Natiivo and Niido projects, two brands that are being developed with Airbnb.

Patrizio said that the opportunity to work on Natiivo and Niido projects attracted him to Newgard. “I really see it as the future of ownership. The days of having your real estate not produce are kind of over. Millennials are moving around between cities. It’s a really neat thing,” he said.

Natiivo is a for-sale Airbnb product where unit owners can put individual rooms or entire units on the Airbnb platform. They also have the option to join Airbnb’s Friendly Buildings Program, where hosts and NGD Homesharing would share the revenues generated from renting the units out on Airbnb.

Niido buildings are Airbnb-branded apartment developments.

Over the summer, Hernandez, Russell Galbut and Bruce Menin launched sales of Natiivo Miami at 190 Northeast Sixth Street in downtown. The 51-story tower, with roughly 600 units, will have about 400 condos and 200 Natiivo hotel units, with condo prices starting in the $300,000s. It’s expected to open in September 2021. Newgard is also developing a Natiivo in Austin along with Pearlstone Partners.

More Niido and Natiivo projects are planned.

“This is a platform that’s scalable and can be really exciting nationwide,” Patrizio said.

At Terra, Patrizio worked on projects that included the recently completed Eighty Seven Park in Miami Beach, Park Grove Residences in Coconut Grove, and the newly launched Mr. C Residences, also in Coconut Grove. He worked for the company for nearly five years. Prior to Terra, Patrizio was CEO of Qatari Diar United Kingdom Ltd. where he was responsible for an $18 billion real estate portfolio.


Related Articles

arrow_forward_ios
Terra’s David Martin and renderings of the project (Terra, iStock)
Terra scores $65M loan for Northwest Miami-Dade project
Terra scores $65M loan for Northwest Miami-Dade project
David Martin and Russell Galbut with a rendering of 500 Alton Road
Miami Beach developers nab $345M construction loan for 500 Alton
Miami Beach developers nab $345M construction loan for 500 Alton
Rendering of Baccarat Miami (Credit: ArX Solutions)
Miami condo craze returns as developers look to seize the moment
Miami condo craze returns as developers look to seize the moment
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
Jorge Pérez with One Park Grove (Getty, Robin Hill)
Related developer Jorge Pérez buys condo at one of his Miami projects
Related developer Jorge Pérez buys condo at one of his Miami projects
From left: GLP Capital Partners’ Alan Yang, David Martin and Stephen Bittel with 7777 Northwest 41st Street in Doral (Google Maps; GLP; Terra)
Terra, Terranova sell 24-acre property in Doral for $55M
Terra, Terranova sell 24-acre property in Doral for $55M
David Martin with a rendering of Natura Gardens
Terra sells piece of northwest Miami-Dade dev site to Butters and Greystar, moves forward with apartment project
Terra sells piece of northwest Miami-Dade dev site to Butters and Greystar, moves forward with apartment project
The Gale Hotel with Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...