New York firm proposes twin towers on downtown Miami site

Miami /
Mar.March 07, 2016 03:45 PM

A New York firm has just put forward plans to build two 43-story residential towers on a downtown Miami parking lot owned by Russell Galbut and Andrew Resnick.

As first reported by the Next Miami, the proposal includes two residential towers with ground-floor retail space. They would house 391 units and a robotic parking garage with 185 spaces, all of which would be built on the 18,000-square-foot parking lot at 54 West Flagler Street.

Alliance Private Capital Group, a Brooklyn-based real estate company headed by Mike Kohn, is listed as the developer.

The commercial real estate advisory firm is not a traditional developer, instead acting as an “intermediary,” according to its website. One of its more recent deals in New York, for instance, was the purchase and $70 million resale of a property after filing development plans.

The downtown Miami land in question is owned by a limited liability company called Gutierrez Resnick Properties. State records show the company is managed by developer Russell Galbut, who is currently heavily involved in developing projects on Miami Beach’s Alton Road, and real estate mogul Andrew Resnick.

Gutierrez Resnick Properties paid $5.5 million for the land in 2007. At the time, the company also listed Armando Gutierrez Jr. as a managing member, records show.

Gutierrez is a real estate developer and the son of prominent South Florida political figure Armando Gutierrez Sr. His father took his place in Gutierrez Resnick Properties in 2010, and both were later removed from the corporation’s record in 2011. Resnick added Galbut, who heads development firm Crescent Heights, as a manager that same year. [The Next Miami]Sean Stewart-Muniz


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