Gale Miami Hotel & Residences Receives TCO And Reaches Over 250 Closings in 60 Days

Gale Miami Hotel & Residences has been granted a temporary certificate of occupancy (TCO), marking a major milestone for the project which was developed by hospitality entrepreneur Keith Menin and Marisa Galbut, through their development firm, Sixth Street Miami Partners LLC, backed by GFO Investments. Additionally, Gale Miami has surpassed 250 closings in less than 60 days, demonstrating significant progress in welcoming residents and introducing Gale Miami to the Downtown Miami community. This rapid sales momentum, alongside the issuance of the TCO, highlights the strong demand for short-term rental properties in Downtown Miami. The announcement follows the launch of their latest development, 14 ROC, in Downtown Miami on July 10. Cervera Real Estate is the exclusive sales and marketing team for Gale Miami.

"Since we began giving tours and officially opened, it's been incredible to see people fall in love with Gale Miami," says Alicia Cervera of Cervera Real Estate. "There's been a noticeable uptick in sales since our grand opening in May, and having buyers see the finished product firsthand has really driven that momentum,” she adds "We've been eagerly anticipating the success of Gale Miami, and it's incredibly rewarding to see it come to life.”

Gale Miami Hotel & Residences, located at 601 Northeast First Avenue in Downtown Miami, officially opened its doors in May 2024. This 51-story development offers move-in ready and fully furnished units, featuring a variety of studio, 1-, and 2-bedroom layouts spanning 410 to 910 square feet. Prices range from the mid $500s to over $1 million. Ideally situated near Miami Worldcenter and within walking distance of Downtown Miami, Gale Miami blends the amenities and hospitality of a traditional hotel with the flexibility to list residences on home-sharing platforms, meeting the rising demand for hotel and short-term rental options in the area.

"Receiving the TCO is a major milestone for us all," says Keith Menin. "Our immediate focus is now on welcoming buyers into their new homes and ensuring they fully experience all that Gale Miami has to offer. The positive reception from buyers confirms Gale Miami's appeal and exceeds expectations in the Downtown Miami market."

Gale Miami Hotel & Residences and 601 Miami collectively feature an expansive 70,000-square-foot amenity space spread across three floors. These amenities include a state-of-the-art fitness facility, a tranquil yoga lounge, an inviting terrace, and spa facilities like a steam room, sauna, and hammam. Residents and guests enjoy a welcoming 24-hour attended lobby with a comfortable lounge area and convenient 24-hour valet parking. Culinary enthusiasts can enjoy diverse cuisines at three unique dining concepts: an Italian restaurant, an American steakhouse and lounge, and a Mediterranean-style eatery.

For business needs, located on the 8th floor, the Gale Miami Conference Center offers over 20,000 square feet of flexible space, featuring multiple conference rooms, breakout areas, and a grand ballroom. Additionally, the property includes three dedicated floors of exhibition space, each spanning 40,000 square feet. As one of Downtown Miami's premier conference venues, Gale Miami is a sought-after location for major events, from weddings to corporate functions. The center provides personalized concierge catering and services, ensuring every guest's needs are met with meticulous attention to detail.

Arquitectonica, collaborating with Urban Robot for interior design and landscape architecture, created Gale Miami Hotel & Residences to embody a vibrant, walkable urban oasis in Downtown Miami. With breathtaking views of Biscayne Bay and the Miami skyline, the design seamlessly integrates urban sophistication with luxurious resort-style amenities, establishing a new benchmark for city living.

Images via Alex T Photo

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The 48-Story Five Park Locks Town $345 Million Construction Loan In South Beach

The developers of Five Park, a 48-story residential tower coming to the entrance of South Beach at 500 Alton Road, has locked down a $345 million construction loan. The loan is the largest residential construction loan to be funded in South Florida since the pandemic took hold and is being provided by Blackstone and Apollo. Five Park is being developed by a partnership between Terra, led by David Martin, and the Galbut Family Office in partnership with New Valley. The 519-foot development will become the tallest building in Miami Beach upon its completion in 2023.

“Miami Beach is well-positioned for long-term growth as a global gateway city, with continued demand coming from both foreign and domestic buyers. Five Park is poised to become the address of choice for the City’s newest residents, offering direct pedestrian access to Canopy Park and the Miami Beach Baywalk, panoramic views across the cityscape and Biscayne Bay, and best-in-market amenities,” said David Martin, CEO of Terra.

Five Park is designed by Arquitectonica with interiors by Gabellini Sheppard. The tower will include approximately 280 residential units with a blend of condominium and multifamily residences as well as 3-acre public park. The units mix is made up of spacious two-, three-, and four-bedroom residences and penthouses. Building amenities will include an amenity deck with two swimming pools, a restaurant, sunset viewing lounge areas, a resort-style spa, and a state-of-the-art fitness center with outdoor exercise areas. The tower will also feature a grand lobby with a gourmet café as well as a Sky Club lounge with a second fitness center, a private dining room, and a building concierge offering in-room dining and other specialized services for residents.

The development also includes the construction of Canopy Park, Miami Beach’s newest public park, which broke ground in July 2020. The three-acre park, located between the 600 and 700 blocks of Alton Road, will include an array of resiliency and sustainable features along with open green spaces shaded by native tree species, pedestrian and bike paths, an outdoor gym and dog run, a MONSTRUM-designed children’s playground, and public art displays. Construction of Miami Beach’s newest world-class city amenity is currently underway and is slated for completion in Summer 2021.

Approved plans for the site also include a third phase, Miami Beach Canopy, which will encompass a signature pedestrian bridge spanning 5th Street designed by internationally renowned artist Daniel Buren and is anticipated to get underway in 2022. The Miami Beach Canopy — subtitled Walking Under, Along, and On the Colors: work in-situ by Daniel Buren — will complete the Miami Beach Baywalk, creating a safe and seamless connection running from South Pointe Park north to the Lincoln Road District and east to the beachfront. The Canopy will become an instant icon for Miami Beach and a beloved work of public art that guides pedestrians along a rainbow of colorful shadows.

The $345 million loan is the latest sign that Blackstone is going long on the Miami market following the news that the firm has purchased the office towers at 2 and 3 Miami Central in Downtown Miami for $230 million. Blackstone is planning a 200-person tech-focused office in Downtown Miami.

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