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Newgard Development Group Adds $7M of Land Purchases for $1.5B Development in Miami
Newgard Development Group has completed the $7-million purchase of three parcels to serve as the gateway to its $1.5-billion three-tower residential and marina project on the Miami River in Miami, FL.
Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young represented the seller, a family trust.
The newly traded addresses (66 SW 6th Street, 625 SW 1st Avenue and 69 SW 7th Street in Brickell) total three-fifths of an acre and bring Newgard’s total land investment to for the project to $57.7 million. The company previously acquired a 1.6-acre riverfront property on 7th Street.
Newgard’s development will include the nearly sold-out Lofty Residences Brickell, a second branded multifamily building and a third branded condominium tower. The destination is positioned just northwest of Brickell City Centre and will span nearly 2 million square feet with 400 feet of frontage along the Miami River.
- ◦Sale/Acquisition
- ◦Development
