MIAMI—The first condominium to launch in the Miami's central business district since the last real estate cycle has sold more than 220 units in less than four months of its marketing launch. Newgard Development Group's Centro, a 352-unit loft-style condo tower set to rise at 151 SE 1st Street, is translating reservations to contracts as construction plans are finalized.

Newgard will break ground on Centro this fall and open to residents in early 2015. Centro residents will move into a much different Downtown Miami than we saw a decade ago. Slews of new shops, restaurants, hotels, and cultural arts and entertainment venues are now part of the urban core.

“Miami's central business district has been largely overlooked this development cycle, but our sales success thus far proves there is clearly demand for this type of unique product in this neighborhood,” says Harvey Hernandez, chairman and managing director of Newgard Development Group, the project's developer. “Centro offers a truly urban live-work-play lifestyle in the center of the bustling metropolis that is Downtown Miami.”