The Galbut family is launching sales of Gale condo-hotel units in its Natiivo tower, three years after an Airbnb partnership in the project fell apart.
Sixth Street Miami Partners, led by GFO Investments President Marisa Galbut and Menin Hospitality principal Keith Menin, launched sales of the Gale Hotel & Residences Miami. Prices for the units range from $400,000 to $1 million, according to a press release. Sixth Street Miami Partners is owned by GFO Investments, the family office founded by Russell Galbut.
Cervera Real Estate is leading sales for the project, according to the release. Arquitectonica designed the tower, with Urban Robot handling the interiors.
Gale Hotel & Residences Miami will have 240 units in a planned 51-story Natiivo mixed-use tower at 601 Northeast 1st Avenue, according to a spokesperson. Eighty units will be hotel rooms, and 160 will be condos available for short-term rental. Floor plans include studio, one-bedroom and two-bedroom options, ranging from 410 square feet to 910 square feet.
The sellout of the units is expected to reach $128 million, according to a spokesperson. Alicia Cervera Lamadrid of Cervera Real Estate said she anticipates buyers to be out-of-towners and commuters.
Construction began in 2020 and is expected to be completed early next year, according to a spokesperson.
Russell Galbut and Harvey Hernandez of NGD Homesharing launched sales of the mixed-use Natiivo project in 2019. The 448 condo units in the tower are sold out, according to a GFO spokesperson.
The Galbuts’ Sixth Street Miami Partners bought the 1.1-acre site for $35 million, records show.
The latest sales launch comes three years after a deal to have an Airbnb-branded condo-hotel in the project fell apart. The short-term rental giant sued development partner Harvey Hernandez in 2020, alleging he defrauded the company and misappropriated funds. Hernandez and Airbnb voluntarily settled and dismissed their suits shortly after.
Menin said continued demand for condos in the tower led the team to convert some of the hotel units. The branding is borrowed from the Galbut family’s Gale Hotel Miami Beach at 1690 Collins Avenue, and the Gale Hotel in Fort Lauderdale, which Hernandez sold for $23 million in 2020. Russell Galbut won approval to renovate and expand the Miami Beach Art Deco hotel last year.