Downtown Miami Airbnb-branded hotel-condo project launches salesJune 25, 2019
Developers Harvey Hernandez, Russell Galbut and Bruce Menin launched plans for their first Airbnb hotel-condo project in South Florida.
Hernandez’s Newgard Development Group and Crescent Heights senior principals Galbut and Menin are partnering on Natiivo at 190 Northeast Sixth Street in downtown Miami. Natiivo is a new brand from Hernandez’s company, NGD Homesharing.
The 48-story tower, with roughly 600 units, will have about 400 condos and 200 Natiivo hotel units, according to a release. Cervera Real Estate was hired to handle sales and marketing of the condo units. The project, designed by Arquitectonica, is expected to open in the spring of 2022. Urban Robot is handling interior design.
Prices start at $300,000.
With Natiivo, Airbnb provides design consultation for the common areas and interiors. Unit owners will be able to put individual rooms or entire units on the Airbnb platform. If the unit owners join Airbnb’s Friendly Buildings Program, hosts and NGD Homesharing would share the revenues generated from renting the units out on Airbnb.
While the project is the first to use the Airbnb brand in South Florida, it’s not the first to allow for short-term rentals. Aria Development Group and AQARAT are building YotelPad Miami, a 31-story tower with 231 condos and 222 Yotel “cabins,” or small hotel rooms, at 227 Northeast Second Street in downtown Miami. Unit owners will be free to use the hotel rental program or rent their units out without restrictions.
In a profile of Galbut in The Real Deal’s summer issue, the Crescent Heights developer said that he’s working with Hernandez on a second Niido project in Edgewater. The firm is also working with Hernandez on an apartment tower at Miami Worldcenter.
The developers also announced plans to build a 33-story Natiivo project in downtown Austin’s Rainey Street District, according to the release.