Newgard Development Group Breaks Ground on Miami's BrickellHouse Condominium

On schedule to open in 2014, the 46-story luxury tower goes vertical after meeting its planned sales goals with nearly 90% of its units sold. End Quote

Miami, FL (1888PressRelease) July 20, 2012 - In another sign of strong demand for luxury urban living in Miami's urban core, construction began today on BrickellHouse condominium, one of the Downtown Miami/Brickell market's first luxury residential developments since the 2008 economic downturn. Newgard Development Group, the project's developer, commemorated the occasion with an official groundbreaking ceremony held this morning at the BrickellHouse site at 1300 Brickell Bay Drive in Downtown Miami's Brickell district. On schedule to be completed in 2014, the 46-story luxury tower has met its planned groundbreaking goal of this summer with nearly 90% of its 374 units already sold and having converted all sales contracts in just 45 days.

"The innovative design, cutting edge features, and prime location of BrickellHouse enabled our sales team to get the attention of buyers both here and abroad," said Cervera Real Estate Managing Partner Alicia Cervera Lamadrid. "As the tower moves full steam ahead to vertical construction, we still have premium units available for buyers seeking an urban lifestyle in Miami's upscale Brickell neighborhood."

Miami is experiencing an appetite for high-end, new-to-market product from international buyers who are accustomed to paying in cash. According to a recent report by the Miami Association of Realtors released last May, all-cash sales accounted for 64% of total closed sales in Miami-Dade County and 78% of condominium closings in the area. In fact, BrickellHouse's sales velocity has been fueled by a majority of cash-heavy buyers hailing from Europe, Canada and a range of Latin American countries such as Argentina, Venezuela, Mexico, and Brazil.

"Miami's status as an international destination is attracting buyers from across the globe, helping turn around the real estate market much more quickly than in any other city in the country," said Harvey Hernandez, Newgard Development Group's chairman and managing director. "Newgard created BrickellHouse with this demand in mind, knowing the existing condo inventory in our urban core would soon diminish and incorporating design elements that reflect the modern, urban city Miami has become."

BrickellHouse will offer condos ranging in size from studios and 1-, 2-, 3-bedroom units, to 7,000 square foot penthouses. The $170 million luxury development will feature private balconies with expansive bay, ocean and skyline views as well as top-notch amenities including a 46th-floor rooftop pool deck, luxury health spa/fitness center, and a fully-automated robotic parking garage system - the first of its kind in the area - with hi-capacity communication technology and a wealth of green innovations that help minimize residents' carbon footprints while maximizing comfort and convenience.

For information about preconstruction sales opportunities, please visit the BrickellHouse sales gallery at 1451 Brickell Avenue, Miami, FL 33131 or contact the sales team at (305) 938-5711. Learn more at www.brickellhouse.com.

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