Galbut affiliate buys Alton Road lot for $300 psf
A development site on Miami Beach’s Alton Road sold for $5.4 million, or $300 per square foot, county records show.
824 Alton Road Partners bought the 18,000-square-foot lot on Alton Road between Eighth and Ninth streets. The Miami-based LLC lists David Smith as its manager and an address matching Crescent Heights. Smith has been connected to other LLCs with developer Russell Galbut.
About a block away, Galbut’s Crescent Heights plans the Wave, a mixed-use, four-building project that is projected to have 300,000-square feet of residential space, including 321 apartments, and approximately 50,000 square feet of retail space. The Wave will be located between Fifth and Seventh streets and between Alton Road and West Avenue.
The seller of the parking lot is tied to Miami Beach and Richmond, Virginia-based Gumenick Properties. Gumenick, a real estate development and management company, developed Southgate Towers, a 253-unit apartment building in Miami Beach.
The parking lot last sold for $360,000 in 1983, according to Miami-Dade County property records. That marks a 15 times increase to July’s sale. Miami Beach mayor Leonard Haber was a previous owner of the site as well.
Galbut and Gumenick could not immediately be reached.