Newgard’s Harvey Hernandez with aerial of 66 SW 6th Road, 625 SW 1st Avenue and 69 SW 7th Road (Newgard Enhancement Group, Avison Young, Getty)
Newgard Enhancement Group fattened up its assemblage for a Miami River megaproject by picking up a few extra redevelopment qualities in the vicinity of Brickell City Centre.
Miami-based Newgard, led by founder and CEO Harvey Hernandez, paid a put together $7 million for a trio of tiny business buildings at 66 Southwest Sixth Street, 625 Southwest Initially Avenue and 69 Southwest Seventh Street, in accordance to a press release.
An Avison Young workforce led by Michael Fay and John Crotty represented the seller, Norman Superstein Have confidence in, which acquired the house at 66 Southwest Sixth Street for $9,100 in 1975, documents exhibit. Earlier sale facts for the other attributes is not out there. Concluded in 1951 and 1953, the three properties have a blended 19,000 sq. ft.
The a few attributes, totaling about .6 of an acre, will serve as the gateway to 3 residential towers and a marina Newgard options to produce at a 1.6-acre website at 99 Southwest Seventh Avenue, the launch states. Last year, Newgard paid $50.5 million for that land. The new structures will span 2 million sq. ft with 400 feet of frontage on the Miami River.
In June, the business landed a $170 million building financial loan for Lofty Residences Brickell, a 44-tale rental tower that will be constructed on the web-site. The growth will also consist of a further luxury branded condominium and a branded multifamily constructing, the launch states.
Newgard contacted Avison Young to aid the newest order, because of to the brokerage’s romance with the seller, Fay claimed in a statement.
Newgard has a pending lawsuit in Miami-Dade Circuit Court docket against Benzol Qualities Corp., which offered the 1.6-acre web site to Hernandez’s business. Newgard seeks a court injunction to pressure the disclosure of contamination studies that the customer claimed posed a wellness and safety possibility.
Not too long ago, NGD Centro Holdings, a bankrupt entity managed by Hernandez, bought 9 models at Centro Miami for $3.2 million to keep away from dropping the houses in foreclosures. Newgard designed the 37-tale, 352-device rental tower in downtown Miami.
