Newgard Lands $170M for Miami Condo Project
The development is set to break ground later this year.
Newgard Development Group has secured $170 million in financing for Lofty Brickell, a luxury condominium community in Miami. 3650 REIT provided the construction loan and also originated one for the land acquisition last year. Eighty percent of the property’s inventory is under contract and construction is set to break ground in the fourth quarter of 2022. Cervera Real Estate is managing sales and marketing for the project.
The development team includes Arquitectonica as well as N.Y.-based INC handling interior design and Urban Robot Associates for landscaping.
The 44-story tower will encompass a mix of studio, one- and two-bedroom units. The common-area amenities, spread across 40,000 square feet, will include a private marina, waterfront dining, a swimming pool, a fitness center, a coworking lounge, meeting rooms, cigar lounge and members-only social club.
Located at 99 SW Seventh St. in downtown Miami, the property will be 6 miles from Miami Beach. The owners will have access to parks, entertainment and cultural venues, with Skyviews Miami Observational Wheel just 1.5 miles away. Dining and retail options are available in the immediate area and along Brickell Avenue. Miami International Airport is 7.5 miles away.
Another condo project in development, in the Brickell area, is a 400-unit tower targeting a sellout near $1 billion. Mast Capital paid $103 million for the 2.8-acre parcel, set to include other buildings as well.