Newgard hires Terra exec as SVP of development

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.