Two weeks after securing $36 million in construction financing, Harvey Hernandez’s Newgard Development Group has broken ground on its Gale Fort Lauderdale Beach condo project.
To commemorate the event, the developer hosted a ceremony this week attended by roughly 50 agents, project partner Dev Motwani and city officials, including Fort Lauderdale Mayor Jack Seiler and Vice Mayor Dean Trantalis.
The developer began clearing the Gale’s bayfront development site at 401 Bayshore Drive in April, demolishing several mid-rise buildings ahead of vertical construction. Newgard expects to open its 12-story condo and hotel project by early 2018.
When completed, the Gale will have 129 condos sized between 800 square feet and 2,100 square feet, with prices starting in the mid $500,000s. Buyers at the building will have access to amenities like an eighth-floor lounge, swimming pool, fitness center and private theater. The developer is also offering a rental program through its neighboring Gale Hotel for investors. Menin Hospitality will manage the hotel component.
ONE Sotheby’s International Realty is handling sales, and 70 percent of the projects units are under contract after launching marketing in March 2015. — Sean Stewart-Muniz