Newgard hires Terra exec as SVP of development

Michael Patrizio worked on luxury resi projects at Terra

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

Airbnb hosts gear up for Super Bowl LIV

Airbnb hosts score 34K bookings for Super Bowl LIV — more than for Art Basel

Miami Beach seeks to fix floor area ratio controversy involving Galbut and Martin’s Park on Fifth project

Miami Beach seeks to fix floor area ratio controversy involving Galbut and Martin’s Park on Fifth project

Jonathan Newhouse and Eighty Seven Park (Credit: Getty Images)

Condé Nast scion drops $6M on Miami Beach condo

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach sues own board to overturn decision on Crescent Heights’ and Terra’s proposed condo tower

Rendering of Terra’s project and David Martin

Terra plans massive multifamily project in northwest Miami-Dade

The penthouse at Grove at Grand Bay and David Martin (Credit: Douglas Elliman, iStock)

David Martin slashes ask of Grove at Grand Bay PH

Terra's David Martin and a rendering of the project

Terra, Mr. C unveil plans for luxury condo in Coconut Grove

Rendering of Doral Square and David Martin

Terra unveils latest mixed-use project near Downtown Doral