Harvey Hernandez's Newgard Group has acquired a development site in West Palm Beach, Florida, to create an upscale parking garage with an attached private members' club. The Miami-based developer paid US$10.5 million for the 2.6-hectare plot at 2500 North Florida Mango Road, north of Palm Beach International Airport, according to property records.
The upcoming two-storey project, known as Palm Beach Auto Haus, will be an exclusive members' club. It is set to offer parking spaces for 20 vehicles as well as various amenities, including padel courts, co-working lounges, a café, and a fitness area. This endeavour represents something of a reorientation for a developer new to the West Palm Beach market, as most competitors have so far focused on luxurious condominiums along the city's waterfront.
Project Vision and Financing
Harvey Hernandez, founder and CEO of the Newgard Group, articulated his vision for Palm Beach Auto Haus in a statement. He sought a place that reflects the way passionate automotive enthusiasts truly enjoy their collections. His team envisioned something far beyond conventional vehicle storage – a hub centred around ownership, design, community, and unforgettable experiences.
To finance the acquisition, the Newgard Group secured a US$6.3 million acquisition loan from Belmont Bank & Trust. The seller, an entity associated with Jonathan and Justin Bergman from Thousand Oaks, California, had acquired the plot, which includes a 29,790 square foot commercial building, for US$3.5 million in 2021.
Further Activities of the Newgard Group
The Newgard Group is also active in Miami's Brickell District, where it is collaborating with Two Roads Development on a luxury waterfront residential complex. This project was financed last year with a US$513 million debt package. Furthermore, earlier this month, the group sold another plot for US$50 million to a different development team, underscoring its dynamic market presence.
