Newgard Development Group has completed the Gale Residences Fort Lauderdale Beach, the 129-unit hotel-condo project which is located at 401 Bayshore Drive and part of the Gale Boutique Hotel & Residences project. Closings are expected to begin soon with a roughly $100 million sell-out. The residential part of the project, Gale Residences, first received its TCO in May 2017 and the hotel component of the project is expected to open by the end of 2018. In total, Gale Hotel & Residences will feature 129 residential suites and 96 hotel rooms. Harvey Hernandez' Newgard Development Group partnered with Dev Motwani's Merrimac Ventures on the project and construction was financed via a $35.6 million construction loan provided by HSF.
The Residences portion of the project rises 12-stories and features 122-suites ranging from one to three bedroom layouts, 800 SF - 2,100 SF, as well as 7 two-story beach homes. Amenities include a residents-only pool, gym, club room, movie theater, valet and and electric car-charging stations. Pricing ranged from $450,000 to $1.4 million and sales first launched in early 2015.
Construction is currently underway at the adjacent Escape Hotel, which helped launch Fort Lauderdale into prominence as a vacation destination upon opening in 1951, as it is being restored as the hotel portion of the Gale Boutique Hotel & Residences. Newgard Development Group closed on a $19.15 million construction loan to renovate the aging structure in early 2018. The financing, a first lien construction loan, was provided by the Dallas-based HALL Structure Finances (HSF). Menin Hospitality will manage the hotel upon opening.
