Newgard CEO Harvey Hernandez is projecting the sellout will be nearly $100 million once closings are completed. The 129-unit project at 401 Bayshore Drive secured its temporary certificate of occupancy late last month.
The developer partnered with Dev Motwani’s Merrimac Ventures on the Gale. The residential portion includes a 12-story building with 122 one-, two- and three-bedroom units ranging from 800 square feet to 2,100 square feet; and seven two-story beach homes. Amenities include a residents-only pool, gym, club room, movie theater, valet and electric car-charging stations, according to a release.
The 96-room hotel is in the adjacent, historic building that once housed the Escape Hotel. Menin Hospitality will manage the property. Newgard closed on a $19 million construction loan for the hotel earlier this year.
Owners of the condos will be able to rent their units out through the hotel, Hernandez said. Prices ranged from the $450,000s to $1.4 million. The project launched sales in early 2015.
Hernandez is now focusing on multifamily development. He’s partnering with Airbnb to bring the first Airbnb-branded apartment building in the U.S. to Orlando, with plans for more in South Florida and the Southeast.
For more details from The Real Deal Miami, visit https://therealdeal.com/miami/2018/04/10/newgard-completes-the-gale-residences-in-fort-lauderdale-beach/