The Gale Residences Fort Lauderdale Beach started construction on April 6, Newgard Development Group said.
The Miami-based developer is building the 129-unit project at 2900 Riomar St., across the street from the Intracoastal Waterway and a block west of the beach. It’s across the street from the W Fort Lauderdale. The condo will rise next to the historic Escape Hotel, which will be renovated and rebranded as the Gale.
Site work and demolition are ongoing. Vertical construction has yet to begin.
Merrimac Ventures is a partner in the project.
The 12-story Gale Residences will have units ranging from two bedrooms and 800 square feet to three bedrooms and 2,100 square feet. Prices start in the $400,000s. Newgard said the project is more than 60 percent presold.
“Luxury residential buyers are realizing that Fort Lauderdale Beach is becoming a premier residential and hospitality destination along Florida’s coast,” Newgard founder, President and CEO Harvey Hernandez said. “The Gale is particularly getting interest from international buyers who traditionally favored buying in Miami. Those buyers understand that Fort Lauderdale represents a significant value proposition, and the Gale offers them the best value and quality of life of any luxury project on the beach.”
The general contractor on the project is GT McDonald Enterprises. The building architect was Garcia Stromberg, while the interior designer is Urban Robot Associates. The broker is One Sotheby’s International Realty.
Amenities in the project will include an eighth-floor lounge, rooftop pool, fitness center and movie theater. The ground floor will have restaurant and retail space.
The 1.24-acre site last traded for $6.25 million in 2010.
Original Article: http://www.bizjournals.com/southflorida/news/2016/04/12/fort-lauderdale-beach-condo-project-begins.html