MIAMI—Newgard Development Group has picked ONE Sotheby's International Realty as its sales and marketing rep for Gale Boutique Hotel & Residences Fort Lauderdale Beach. Construction of the $120 million project is expected to begin in summer and is scheduled to open in early 2017.

Why ONE Sotheby's? Newgard appreciates its understanding of the Fort Lauderdale market and connections in the global real estate community, says Harvey Hernandez, president and CEO of Newgard.

“The luxury firm knows Fort Lauderdale and has extensive experience working with the market's unique buyers,” Hernandez says. “With an unrivaled network of contacts in the international brokerage and buyer landscape, they are equipped with the resources and relationships to market Gale Fort Lauderdale to our core clientele around the world.”

The Miami Downtown Development Authority's (DDA) just-released First Quarter Greater Downtown Miami Market Residential Real Estate Market Study conducted by Integra Realty Resources (IRR) shows the condo market is reaching a point of equilibrium. You might call it a healthy correction as construction, labor and land costs rise even as currency shifts impact investor appetites. 

“Latin American buyers were a boon for Downtown Miami after the recovery and through the first round of new condo deliveries, but the area is starting to see significant traction with Asian buyers,” says City of Miami District 2 Commissioner and Miami DDA Chairman Marc Sarnoff. “Downtown Miami's condo market is not dependent on Latin American buyers alone. Chinese investors and local buyers are eyeing the market. No longer is Miami just the Gateway to Latin America—we are the gateway to the world.”

ONE Sotheby's development sales division represents some of South Florida's most successful condo developments, including Brickell City Centre, The Ritz-Carlton Residences, Miami Beach, Oceana Bal Harbour, and 1000 Museum by Zaha Hadid, accounting for approximately $3 billion in inventory. In 2014, the brokerage drove sales of over $2.6 billion and posted 53% growth year-over-year. Hernandez likes those odds for his project.

Gale Fort Lauderdale will occupy a group of buildings that formerly housed the Escape Hotel, which was designed in 1949 by Theo A. Meyer and Lester Avery. A complete renovation will see 96 hotel rooms and suites that incorporate design elements from Gale South Beach hotel. Gale opened in 2012 and received Hospitality Design magazine's Award for Best Hotel Renovation in 2013.

A new 12-story building next-door to the hotel will be home to 128 condos including one-, two-, and three-bedroom units and townhomes with Atlantic Ocean, the Intracostal and Downtown Fort Lauderdale views. Street-level retail is also part of the project. Units start at $385,000.

Amenities include a rooftop sky deck, private lobby, fitness center and spa, concierge service, 24-hour valet parking and multiple resort-style pools. Owners can tap into full member privileges at the Gale Hotel—everything from room service to pool access—and at Menin Hospitality's properties across the country. Newgard is even setting up a property rental program for those that want to rent their condo.

Units are now available for reservation, with preconstruction prices ranging from $399,000 to more than $1.2 million.