A new downtown Miami high-rise being unveiled Tuesday is promising buyers the chance to profit from their luxury units through Airbnb without running afoul of the condo board.
The first Natiivo buildings are planned for Miami and Austin through a partnership between Miami-based real estate company NGD Homesharing and Airbnb. They are slated to open in spring 2022.
“Basically, these are the first buildings built, designed and licensed for homesharing,” said Harvey Hernandez, CEO of NGD Homesharing.
“The reason why we created Natiivo was kind of out of necessity,” said Hernandez. “We hear from a lot of prospective tenants and people inquiring on our website about owning this kind of apartment.”
Independent analysis shows that homeowners in popular tourism markets like Miami can make more money renting on Airbnb than through traditional long-term leases. But short-term homesharing rentals are prohibited by many condo buildings and homeowners associations, as well as by ordinance in some cities.
Natiivo Miami will sit on 55,000 square feet of property at 190 NE Sixth St., near the Wolfson campus of Miami Dade College. The design calls for 604 units, including studios and one, two and three-bedroom luxury apartments that can be booked through an online app. More than 400 of the apartments will be offered for sale; the rest will be used as hotel-style bedrooms. Purchase prices will range from $300,000 to $1.2 million, Hernandez said.
It is the second collaboration between NGD Homesharing and Airbnb, which also created Niido Powered by Airbnb, rental communities created in 2016 in Central Florida and Nashville in existing upscale buildings. That effort came under fire from residents, who reportedly were unaware their buildings were being converted to allow short-term rentals. The Natiivo brand is being developed with the express purpose of encouraging Airbnb rentals.
In contrast to the Niido rentals, which allowed renters to profit from short-term homesharing up to 180 days a year, Natiivo owners won’t have a cap for how long they can host guests.
“Our buyers have the flexibility and opportunity to live 100 percent of the time ... or have that investment and have that investment work for them,” Hernandez said.
Natiivo developments will include pools, lounges, coworking spaces and an Airbnb-powered MasterHost, a full-time concierge available to owners and part-time guests.
Both Austin and Miami are in the Top 10 Airbnb markets in the U.S. when it comes to bookings and demand for homesharing, Hernandez said. Airbnb lists more than 19,000 units in Miami-Dade.