The Miami Beach Convention Center
Eight developers have responded to Miami Beach’s request for proposal for a new convention center, the South Florida Business Journal reported. The project calls for 6.2 million square feet of development that would include a convnetion center, a hotel, outdoor public spaces, parking, restaurants, entertainment, retail and residences on the 52-acre site. [more]
Developer Crescent Heights, in partnership with Paragon Outlets, is proposing a large-scale mall project at the former South Shore Hospital site near the MacArthur causeway, the Miami Herald reported. The project, which would have a total of 450,000 square feet of retail space and 200,000 square feet of condominium space, would represent a marked shift in the highway approach to South Beach. [more]
The Miami Beach Jewish Community Center is set to begin construction on a 35,000-square-foot facility on Pine Tree Drive this month. The project is funded by a $11 million bond and by donations, one of which comes from Russell Galbut, the head of condominium developer Crescent Heights. “While we still have continued fundraising work to do, at long last, the dream of our new Miami Beach JCC will become a reality,” said Jerry Sokol, president of the JCC. The facility will be named the Galbut Family Miami Beach JCC. The project is slated to be completed in 2012. [SFBJ]
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ST Residential, a unit of Starwood Capital Group, has sold the 240 unsold condominium units at Sunrise’s 396-unit Tao project in a $50 million bulk deal. Miami Beach-based Crescent Heights was the buyer, paying around $165 per foot, or $209,000 per unit, and plans to rent them out. The deal was brokered by International Sales Group. Starwood acquired Tao after the failure of the project’s original lender, Corus Bank. [Miami Herald]
Crescent Heights, a Miami-based developer, signed a contract to buy Cityfront Place, a 480-unit building along the north bank of the Chicago River, from Northwestern Mutual Life Insurance. The $83 million sale is the biggest downtown real estate deal of the year. A downtown apartment building has not sold in two years, and has fueled hopes that the rental sector will be a leader in the local market recovery. [Crain's Chicago Business]
