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Harvey Hernandez’s Newgard launches sales of planned Fort Lauderdale condo tower
40-story, 384-unit Natiivo tower will include short-term rentals
Harvey Hernandez’s Newgard Development Group is launching sales of a planned 40-story Fort Lauderdale condo tower designed for short-term rentals.
Natiivo Fort Lauderdale will have 384 fully-furnished units, according to a press release.
Cervera Real Estate is leading sales and marketing of the project. It will include studios, one-, two- and three-bedroom units, with prices ranging from $500,000 to $1.5 million, the release shows.
Hernandez bought the 1-acre site at 200 West Broward Boulevard, near the city’s Brightline station, from the Kushner Companies and Aimco for $31.2 million in December. He estimates the tower will be completed in 2028, and its sellout will total more than $360 million.
Hernandez said he anticipates Natiivo will attract out-of-town buyers looking for an investment.
“We believe that the time of consumers buying assets that they cannot necessarily monetize is over,” he said.
Miami-based Arquitectonica is designing the tower, and Pompano Beach-based IDDI is handling interiors. Amenities in the building will include a pool, lounge, fitness center, spa facilities and a restaurant on the ground floor, according to the release.
The launch of Natiivo Fort Lauderdale follows Newgard’s Natiivo Miami and Natiivo Austin projects. Demand for short-term rental condos is growing, and the firm plans to expand to other Sun Belt markets, Hernandez said.
“But these cities have to be special,” he said.
Fort Lauderdale appears to have something special going on. Soccer megastar Lionel Messi came to town this year, buying a waterfront mansion for $10.8 million in September. WeatherTech founder David MacNeil sold his oceanfront estate to Bang Energy founder Jack Owoc for $40 million in October, setting a price record for Broward County. Real estate investors, developers and brokerages have increasingly targeted the area, including Edgardo Defortuna’s Fortune Christie’s International Real Estate, which announced plans for a Fort Lauderdale office last year.
Other developers are also planning short-term rental condo towers in South Florida, including PMG, Lion Development Group and Marc Roberts Companies, which announced plans for a 44-story, 659-unit Airbnb project in downtown Miami last year. Russell Galbut and Lefferts Investments launched sales in June for their planned short-term rental friendly 72 Park condos in Miami Beach’s North Beach. Fortune International Group’s planned Ora by Casa Tua, a 70-story, 460-unit condo project in Miami’s Brickell, will also allow short-term rentals.