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.
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