The Galbut family completed Gale Miami Hotel & Residences, a short-term rental condominium and hotel tower in downtown Miami.
An affiliate of GFO Investments, led by cousins Keith Menin and Marisa Galbut, secured a temporary certificate of occupancy for the 51-story building at 601 Northeast First Avenue, developer Russell Galbut said. The company, Sixth Street Miami Partners, has closed on the sale of more than 250 units, according to a press release. Records show 212 deeds have been recorded.
Gale Miami is part of the growing trend of short-term rental condo projects. More than two dozen of such developments are planned, many concentrated in Greater Downtown Miami. Earlier this month, GFO Investments launched sales of another such project called 14 Roc, at 125 Northeast 14th Street nearby in Miami’s Arts & Entertainment District.
Cervera Real Estate is handling sales for both Galbut family projects.
Sixth Street Miami Partners launched sales of the Gale condo-hotel units last fall, three years after an Airbnb partnership in the project fell apart. The Gale is within the mixed-use Natiivo tower, which has a total of 448 condos. The Gale includes at least 250 units; some are condo-hotel units, while others are condos available for short-term rentals. The original Gale is a hotel owned by the Galbuts at 1690 Collins Avenue in Miami Beach.
Arquitectonica designed the downtown Miami tower, with Urban Robot handling interior design. Construction began in 2020. It has 70,000 square feet of amenities across three floors, including a gym, yoga lounge, spa and terrace; and a conference center and exhibit space, according to the release. The Gale also features three restaurants.
Sixth Street Miami Partners acquired the 1.1-acre site for $35 million in 2021 from a GFO Investments affiliate, records show.
A year earlier, Airbnb sued Galbut’s development partner Harvey Hernandez, alleging he defrauded the company and misappropriated funds. Hernandez and Airbnb voluntarily settled and dismissed their suits shortly afterward.
The Gale units, a combination of studios, one-bedroom and two-bedroom units, range from 410 square feet to 910 square feet. Prices range from the mid-$500,000s to more than $1 million, the release states. Owners can list their units on home-sharing platforms.
Developers continue to launch short-term rental-friendly condo projects due to strong demand from buyers who they say are looking for a home to use part of the time with the flexibility to rent their units out on a short-term basis, generating income. Because the units are much smaller, the prices are considered more affordable.
In July, PMG, Michael Simkins’ Lion Development Group and Alex Karakhanian’s Lndmrk Development launched sales of a planned short-term rental-friendly condo tower in Miami’s Overtown, called One West Twelve Residences.
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