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Harvey Hernandez’s firm picks up three more lots for Brickell megaproject
Developer is planning three residential towers and marina on Miami River near Brickell City Centre
Newgard Development Group fattened up its assemblage for a Miami River megaproject by picking up three more redevelopment properties near Brickell City Centre.
Miami-based Newgard, led by founder and CEO Harvey Hernandez, paid a combined $7 million for a trio of small commercial buildings at 66 Southwest Sixth Street, 625 Southwest First Avenue and 69 Southwest Seventh Street, according to a press release.
An Avison Young team led by Michael Fay and John Crotty represented the seller, Norman Superstein Trust, which acquired the property at 66 Southwest Sixth Street for $9,100 in 1975, records show. Previous sale information for the other properties is not available. Completed in 1951 and 1953, the three buildings have a combined 19,000 square feet.
The three properties, totaling about 0.6 of an acre, will serve as the gateway to three residential towers and a marina Newgard plans to develop at a 1.6-acre site at 99 Southwest Seventh Street, the release states. Last year, Newgard paid $50.5 million for that land. The new buildings will span 2 million square feet with 400 feet of frontage on the Miami River.
In June, the firm landed a $170 million construction loan for Lofty Residences Brickell, a 44-story condo tower that will be built on the site. The development will also include another luxury branded condominium and a branded multifamily building, the release states.
Newgard contacted Avison Young to facilitate the latest purchase, due to the brokerage’s relationship with the seller, Fay said in a statement.
Newgard has a pending lawsuit in Miami-Dade Circuit Court against Benzol Properties Corp., which sold the 1.6-acre site to Hernandez’s firm. Newgard seeks a court injunction to force the disclosure of contamination studies that the buyer claimed posed a health and safety risk.
Recently, NGD Centro Holdings, a bankrupt entity managed by Hernandez, sold nine units at Centro Miami for $3.2 million to avoid losing the properties in foreclosure. Newgard developed the 37-story, 352-unit condo tower in downtown Miami.