Two Roads Development is partnering with Harvey Hernandez’s firm on his planned One Brickell Riverfront project along the Miami River, The Real Deal has learned.
The two developers are now 50-50 partners on the three-tower project, said Two Roads’ Taylor Collins and Hernandez, founder and CEO of Miami-based Newgard Development Group. Construction recently began on the first phase, called Lofty Brickell, a planned 44-story, 363-unit condo building at 99 Southwest Seventh Street in Miami.
Two Roads, a Miami and West Palm Beach-based development firm, is also led by Reid Boren. It bought into the company that is developing the Miami River site. Collins and Hernandez declined to disclose how much Two Roads paid to buy into the project. A press release states that the 2 million-square-foot phased development is valued at $1.5 billion.
Collins said he and Hernandez have been friends for more than 15 years.
“We’ve looked at a lot of deals together; he’s been working on this deal for a long time,” Collins said, adding that an opportunity came up for Two Roads to join Newgard.
“We were looking for perhaps a collaboration with Two Roads and Taylor [Collins] on one of the phases,” Hernandez said. “It became apparent that the ideal thing to do was to collaborate on the whole thing, and it shifted that way.”
In recent years, developers have brought new equity partners onto existing projects as construction costs and interest rates skyrocketed. On the north side of the river, Shahab Karmely’s KAR Properties is partnering with Edgardo Defortuna’s Fortune International Group on KAR’s One River Point condo project, which is now a Faena-branded development.
Hernandez said he and Two Roads have the same vision for the One Brickell Riverfront project.
“These partnerships are almost like marriage,” he said.
In 2022, Newgard scored a $170 million construction loan for Lofty Brickell. The building will include 40,000 square feet of amenities, including a marina, social club, pool deck, cigar lounge and co-working space, according to the release. The developer said the building is 94 percent presold. Cervera Real Estate has been handling sales and marketing.
Lofty and a second branded condo tower will be completed by the third quarter of 2026, Hernandez said.
Avra Estiatorio will open its second South Florida restaurant at Lofty Brickell. The Greek restaurant is taking more than 10,000 square feet and will have a 300-seat dining room and outdoor seating overlooking the Miami River, across from Brickell City Centre.
Though Cervera is leading sales of Lofty, the Brickell-based brokerage parted ways with Hernandez on his Natiivo Fort Lauderdale condo project, TRD previously reported. It’s a planned 40-story, 384-unit condo tower that will be built on the site at 200 West Broward Boulevard.
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Two Roads’ planned projects include Edition Residences in Miami’s Edgewater on the site of Biscayne 21. That development is on unforeseen footing due to a court ruling over the condo termination of the Biscayne 21 building. Two Roads said in March that it was seeking a rehearing, and if unsuccessful, it planned to take the issue to the Florida Supreme Court. The Supreme Court only hears a limited number of cases, and it has not addressed Biscayne 21.
The firm’s completed condo developments include Elysee Miami and Biscayne Beach, also in Edgewater.