Investment group buys South Beach building near Crescent Heights project for adaptive reuse

UPDATED, May 20, 9:23 p.m.: Fwd Group paid $5.35 million for a building near an upcoming Crescent Heights project in South Beach where it’s planning an adaptive reuse project, The Real Deal has learned.

Seven Forty Central Corp., led by Boris Shvartsman, sold the property at 740 Alton Road to 740 Alton Rd LLC, which is led by Jefferson Brackin.

Fwd Group, founded by Brackin and his partner, Michael Bird, is an investment, development and management group that includes other partners. Brackin said a medical, health and wellness company is leasing the space, which the group plans to convert by the third quarter of this year.

The building, constructed in 1950, is temporarily leased to a Firestone but was historically known as Central Cab Company’s garage in Miami Beach where taxi cabs would get repaired. The building eventually fell into disrepair, and the distressed nature of the property made it a good opportunity for Fwd Group, Brackin said.

Russell Galbut’s brother, Abraham, who appears on corporate records, is Fwd Group’s attorney, Brackin said, but is not involved in the property.

It last sold for $200,000 in 1975, according to property records.

The property is on the same block as a portion of Russell Galbut’s Crescent Heights major mixed-use project. Between 500 and 700 Alton Road, Crescent Heights is moving forward with plans to the Park on Fifth, a 46-story, 337-unit residential tower, a 15,000-square-foot retail pavilion, a 578-space parking garage, and a new three-acre park with elevated pathways.

Last year, Crescent Heights completed the building at 709 Alton Road, where Baptist Health South Florida opened a four story, 60,000-square-foot facility.