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Newgard Group buys West Palm Beach site for private car club and garage
The Miami developer paid $10.5 million for a 2.6-acre parcel and plans a two-story project with parking for 20 cars.
Newgard Group, led by founder and CEO Harvey Hernandez, purchased a 2.6-acre development site in West Palm Beach, Florida, near Palm Beach International Airport, with plans to build an upscale parking garage featuring a private members club component, Commercial Observer reports.
The $10.5 million acquisition is for 2500 North Florida Mango Road, and the upcoming two-story development, called Palm Beach Auto Haus, is designed to park 20 cars and include amenities such as padel courts, coworking lounges, a cafe and a gym.
To finance the purchase, Newgard Group secured a $6.3 million acquisition loan from Belmont Bank & Trust. The parcel also includes a 29,790-square-foot commercial building that was bought by the seller, a Thousand Oaks, California-based entity tied to Jonathan and Justin Bergman, for $3.5 million in 2021.
Commercial Observer also notes that Newgard Group is building a waterfront luxury condo complex in Miami’s Brickell district and that, earlier this month, it sold off a piece of land for $50 million to another development team.