Centro Tops Off, Developer Tries Liquidating Remaing Units With Leaseback Program

Downtown Miami’s car-less condo tower is just about topped off, and Newgard Development is trying to sell off the remaining units.

In May, sales representatives for the project claimed that 90% of units had already been sold. Local brokers say that the lack of parking at the building has made it a more difficult sell, however.

Under the terms of the leaseback program, the developer will guarantee a return of 5% of the purchase price for the first year, net of fees. Other local projects, including Tibor Hollos’ Opera Tower, have run similar programs.

Developers have recently submitted plans for more downtown towers with little or no parking, including a rental tower at Miami Worldcenter’s Block E, which Newgard is also involved with.

 

16 Comments
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Anonymous
5 years ago

I wish that Miami would be the cosmopolitan city in which one could walk and take transit to everywhere he/she has to go. Unfortunately with comments and stories like this, we are evidently still a car city. I foresee traffic getting even worse with the influx of tourists and residents over the next five years– then we’ll be painfully forced to round the corner.

Anonymous
5 years ago

We all want transit but that takes time no matter what city it is and with the right leaders which sometimes are questionable in Miami.

Mar-team
5 years ago

Blame the inept leadership of this city and county…any legitimate government employee understands that any large and continuously growing city requires strong, improving infrastructure. Welcome to the Banana Republic…

Anonymous
5 years ago

Sounds like a) They are having trouble with sales and b) They may not have hit 90% sales as the broker claimed.

Marc305
5 years ago

I am one of those other brokers mentioned in the article. My agents tried to sell units in this building to 5 different buyers, none of them would purchase due to lack of parking. I am glad they are doing well, I guess there is a market for a building such as this after all, my company however, has not found it yet.

Juan Carlos Contreras
5 years ago

We need better transit and Metro expansions. We’re not going to go anywhere without transit expansions. We’re far behind, friends. It’s a huge, huge shame we can’t move forward.

Anonymous
5 years ago

I completely agree with you Over city has been booming for well over a decade I would have expected to have at have better plans to further expansion . At lease happy to see the all aboard coming on line.

Danny
5 years ago

I don’t know about this. I like parking my Ferrari in the same building and going straight up to my unit.

Anonymous
5 years ago

I like parking *in* my unit.

Danny
5 years ago

I leave quicker by simply going down to my car and drive off then waiting for a machine.

Anonymous
5 years ago

No offense to you but if your driving a Ferrari maybe Centro may not be for you.. Maybe buy at a different building…

Danny
5 years ago

It was sarcasm.

laz
5 years ago

not surprised set it from the beginning no parking was a bad idea; this will end up being 90% rentals just like loft 1 and 2, but at least those have a garage to use across the street

Anonymous
5 years ago

The Miami Tower is one block away and they have monthly parking for $100.

Laz
5 years ago

right another added expense.

Anonymous
5 years ago

Do you know parking is another added expense to the cost of the unit? A lot of building in the area only offer one parking spot and you have to pay $100 for the second one. I don’t understand why people in Miami think parking should be free.