Avison Young’s Florida Capital Markets Group spearheaded the sale of three land parcels to serve as the gateway to Newgard Development Group’s master-planned three-tower residential and marina project on the Miami River.
Totaling three-fifths of an acre, the newly traded addresses are 66 SW 6th Street, 625 SW 1st Avenue, and 69 SW 7th Street in Brickell, one of Miami’s most ideal live-work-play neighborhoods. Newgard’s project at 99 SW 7th Street will include the nearly sold-out Lofty Residences Brickell, a second branded multifamily building, and a third luxury branded condominium tower.
Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty; David Duckworth; and Vice President Brian C. de la Fé represented a family trust seller in the disposition to an affiliate of Harvey Hernandez’ Newgard Development Group. The parcels sold for a total of $7 million which, coupled with the recently acquired 1.6-acre riverfront property on 7th Street, brings the developer’s total land investment to $57.5 million.
“We were approached by Newgard to facilitate the sale due to our relationship with the seller, whom we represented, as well as our experience selling properties with unique redevelopment plays across South Florida,” said Fay. “Ultimately, all of those factors led to a smooth transaction to expand what will be an area-defining project and key component bolstering Brickell’s lifestyle appeal.”
Positioned just northwest of Brickell City Centre, a $1.5 billion mixed-use destination with plans for expansion, Newgard’s project could span nearly 2 million square feet with 400 feet of frontage along the Miami River.
“Michael and his team were instrumental to the success of this transaction,” said Hernandez. “We have a big vision for this neighborhood, and these properties play an essential role in this vision.”
Developers continue to bet on demand for new housing, as Miami sees no slowdown of capital and residents relocating to the market from other metropolitan areas. Brickell alone has more than a dozen residential projects planned or underway, with waterfront developments attracting exceptional interest.
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