MIAMI—Defying the naysayers, Downtown Miami is officially thriving as a 24-7 neighborhood, attracting condo buyers from around the world to the city's urban core. Now, Newgard Development Group is breaking ground on the first condominium to rise from the dirt in Miami's Central Business District since the 2008 economic downturn.

Newgard and The Tilia Family of Companies commemorated the groundbreaking of Centro, a 352-unit loft-style condo tower, on Thursday. The site of the 37-story mixed-use condo tower is located at 151 SE 1st Street.

“As the first project to break ground this cycle in the heart of Downtown Miami, Centro is revolutionizing the future of urban living in Miami,” says Centro developer Harvey Hernandez, managing partner of Newgard. Preconstruction prices start in the low $200,000s and top out in the mid-$400,000s.