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.