Newgard Development Group Sells Out Gale Residences Fort Lauderdale Beach
August 7, 2017
$90 million, 129-unit condominium project set to be delivered to buyers in six months or less
Newgard Development Group announced that it has sold out Gale Residences Fort Lauderdale Beach, a 129-unit condominium project located one block from the Atlantic Ocean. With sales launching a little more than two years ago and groundbreaking one year ago, Gale Residences is the first significant new residential development to sell out on Fort Lauderdale Beach in more than a decade.
Newgard has developed successful condominium towers in Miami, including BrickellHouse and Centro, but Gale Residences is the company’s first development in Broward County. It partnered with Fort Lauderdale-based Merrimac Ventures, managed by Dev Motwani, on the Gale project.
“Gale Residences is a great success because it’s a very unique offering for Fort Lauderdale Beach,” said Harvey Hernandez, CEO of Newgard. “We went to market with a very well thought-out luxury boutique product with smaller units than what you would expect to see on Fort Lauderdale Beach. We also offered owners flexibility of living that allows them to rent out their residences when they are away. I think buyers saw the tremendous value we offered.”
The condominium building stands 12 stories tall with 122 one, two and three-bedroom residences ranging from 800 to 2,100 square feet and seven two-story beach homes. It offers countless services and amenities including: a residents-only pool, state-of-the-art fitness center, exclusive club room with fully equipped show kitchen and bar, an outdoor fitness and meditation area, private movie theater, valet and charging stations for electric cars.
Newgard is also renovating a historic structure adjacent to Gale Residences into a 96-room boutique hotel. Managed by Menin Hospitality, it will offer an array of hospitality services to condominium owners such as access to a rental program, maid service, room service and poolside towel service.
“We want to thank everyone who had a hand in our success, especially the buyers for believing in our vision,” said Newgard Vice President Juan Pedro San Martin, who is managing the Gale project. “We also want to thank our sales and marketing professionals who did an amazing job communicating the vision. “From the very beginning, this has been a total team effort.”
ONE Sotheby’s International Realty managed sales and BoardroomPR helped get our story out to prospective buyers around the globe.
While Fort Lauderdale has traditionally attracted buyers from the local market and Northeast U.S., the Gale’s mix is more diverse.
“We have buyers from everywhere, including right here in our own backyard, and as far away as Canada, South America, Mexico and Europe,” said Ivan Ramirez, regional vice president of sales for ONE Sotheby’s. “I think it demonstrates that Fort Lauderdale has finally become a global destination. ONE Sotheby’s is proud to be associated with this project and the development team.”
Construction of Gale Residences is on pace to finish in the first quarter of 2018 if not earlier.
“We can’t wait until closings begin and our buyers start enjoying the lifestyle they have bought into,” said Hernandez.
Now that the project is sold out, Newgard will close its sales center on Las Olas Boulevard and will handle any inquiries through its corporate office, the company said.