REAL ESTATE

Developer Harvey Hernandez plans downtown Miami condo

 

mbrannigan@MiamiHerald.com

Miami’s new condo boom has spawned plans for yet another tower – this time a highly urban design set in the city’s Central Business District with no parking for residents.

Developer Harvey Hernandez’s Newgard Development Group is planning to build a 36-story, 352-unit condominium tower at 151 SE First Street.

Hernandez, who already is building BrickellHouse at 1300 Brickell Bay Drive, said he has gotten city approval not to include the parking spaces normally required for residents.

Hernandez said he envisions “very small units, very cool lofts, with a really nice restaurant on the ground floor.’’

“We think it will be attractive to a number of people, because the price point will be very low,’’ the developer said, adding pricing for units is still under discussion. “We don’t have to build parking, so we can pass the savings on.’’

The project planned for the tiny 0.42-acre site next to the Gusman Center for the Performing Art also is getting some slack from the city on setback requirements.

Miami-based Related Group previously planned to build Loft 4 on the site, but cancelled plans during the real estate downturn.

Hernandez, who formed a new entity, NGD-Centro, LLC, for the project, argued eliminating parking at the new project was a viable plan, because it is near Metromover’s Knight Center station.

MyBrickell, a Related Group project going up in downtown Miami, also lacks resident parking within the building, relying instead on spots next door at 500 Brickell.

Peter Zalewski, principal of Condo Vultures LLC and an expert in South Florida condominiums, said the condo is likely to attract buyers looking for investment property. “This is Nirvana for investors. Tight units with few amenities, where you can charge high rent,’’ Zalewski said.

Read more Afternoon Update stories from the Miami Herald

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category