Welcome to Gale Hotel and Residences, Downtown Miami
Sales have commenced for the second phase of units in the under-construction 51-story Gale Hotel & Residences in Miami. The project is managed by a collaboration between Keith Menin from Menin Hospitality and GFO Investment, along with Marisa Galbut. Situated at 601 N.E. First Ave, the 1.2-acre development secured a construction loan of $213.4 million last year, with construction activities initiated shortly thereafter by Kast Construction.
Initially, the development group rolled out 448 condos aimed at short-term rentals under the Natiivo Miami brand. After selling out these units, the focus has now shifted to completing sales for the remainder of the complex.
The Gale Hotel & Residences will offer a total of 240 units, subdivided into 160 condos for short-term rentals and 80 condo-hotel units. These short-term units provide owners with the option to either reside in them or list them for variable durations on home-sharing platforms, such as Airbnb.
The unit sizes at the Gale range between 410 and 910 square feet, with pricing beginning in the mid-$400,000s and reaching upwards of $1 million. The sales campaign is spearheaded by Cervera Real Estate.
Keith Menin expressed confidence in the continued success of the Gale brand, stating that the development will be a unique addition to downtown Miami, set to open in early 2024. The project aims to cater to a market gap by providing not just living spaces but also a variety of services and concierge programs to enrich the lives of residents and guests alike.
The development is designed to feature 70,000 square feet of shared amenities over three levels. These will include a pool deck, a children's activity room, a fitness facility, coworking areas, a steam room, a sauna, a hammam, and a spa. In addition, the property will accommodate 9,000 square feet of dining establishments, including Bodega Taqueria, a venture by Menin Hospitality.
The architectural blueprint of the complex was created by Miami-based firm Arquitectonica. Last year, the developers acquired the property for $35 million.