The developer of the 3-tower project that includes Lofty Brickell has acquired more land and obtained Federal Aviation Approval.
The project is planned to include:
- Lofty Residences Brickell, a 44-story building with 364 residential units allowing short-term rentals (now nearly sold out)
- a second branded multifamily building
- a third luxury branded condominium tower
The developer has now acquired three more parcels that will serve as a gateway to the development.
The newly acquired parcels total three-fifths of an acre, and were acquired by an affiliate of Harvey Hernandez’ Newgard Development Group for $7 million.
Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty; David Duckworth; and Vice President Brian C. de la Fé; represented a family trust seller in the disposition to an affiliate of Newgard.
On October 24, the Federal Aviation Administration approved a tower height at the Lofty Brickell site of 574 feet above ground, or 579 feet above sea level.
The developer also obtained water and sewer utilities last month for 782 residential units, 11,364 square feet of restaurant, and 13,928 square feet of office.
The newly acquired sites in orange. The site already owned by Newgard that will include the Lofty tower is in purple:
