To commemorate its luxury Gale Residences Fort Lauderdale condo project going vertical, Harvey Hernandez’s Newgard Development Group recently hosted a private soiree at the bayfront construction site.
More than 125 brokers, their well-heeled clients and even a pair of commissioners came to check out the 12-story condo tower’s progress two months after it broke ground. The fête was catered with cocktails and hors d’oeuvres, and pop violinist Timothee Lovelock performed for the crowd.
Construction workers recently poured the first floor of the 129-unit Gale at 401 Bayshore Drive, with the expected opening now slated for early 2018. Newgard is financing construction with a $36 million loan from HALL Structured Finance, a private lender based in Dallas, Texas.
Units at the building range in size from 800 square feet to 2,100 square feet, with prices starting in the mid $500,000s. Newgard is also renovating the historic Escape Hotel in Fort Lauderdale into a 96-room Gale hotel, which will be managed by Menin Hospitality when it opens. Dev Motwani’s Merrimac Ventures is a partner in the development.
The developer said 75 percent of the Gale’s units have so far been sold. Amenities include a lounge deck on the eighth floor, swimming pool, private theater and a gym. — Sean Stewart-Muniz