MIAMI—Construction just began on the Downtown Miami/Brickell market’s first new-to-market luxury condominium development to be announced since 2008. Newgard Development Group is holding the groundbreaking ceremonies for BrickellHouse condo on Wednesday.

Located at 1300 Brickell Bay Drive, BrickellHouse is scheduled for completion in 2014. The 46-story, 374-unit condominium tower is already almost 90% sold. Newgard converted all contracts in just 45 days to meet its summer groundbreaking goal.

“Newgard is following an optimistic yet patient approach as we enter the new real estate cycle, developing one high-quality project at a time,” Harvey Hernandez, chairman and managing director of Newgard Development Group, tells GlobeSt.com. “BrickellHouse is our first project since the recession and so far, the market has responded favorably—with almost 90% of our units sold before we even broke ground.”