Crescent Heights puts $64M price tag on school board’s downtown Miami site

Miami /
Mar.March 16, 2017 04:10 PM

Details have emerged on Crescent Heights’ proposal to build a skyscraper on land owned by the Miami-Dade County School Board in downtown Miami, including a $64 million purchase value. 

The Miami-based development company, led by Chairman and CEO Sonny Kahn, Managing Principal Russell Galbut and principal Bruce Menin, was the only firm to bid on the 1.13-acre site at 1370 Northeast 2nd Street by the Feb. 2 deadline.

The proposal, published online by the Next Miami, shows Crescent Heights affiliate 1370 NE 2nd LLC wants to build a 60-story tower with up to 1,000 residential units and 1,600 parking spaces. The developer already owns the adjacent land, bringing its total to just over 2 acres. The $64 million purchase price proposed in the documents breaks down to $40 million in cash and $24 million value for the more than 600 parking spaces Crescent Heights would give the school board. The developer valued the spaces at $40,000 a pop.

The lot is across the street from the Adrienne Arsht Center for the Performing Arts in the Arts & Entertainment District. The proposed tower would be part of a mixed-use project with retail and residential components.

The school board put the site up for bidding again last year. It would use the cash from the sale to help finance the construction of a new office building. The request for proposals also said bidders can build the school board up to 180,000 square feet of offices as payment, either at a different site or within any project built on the parking lot.

The school board issued RFPs for property it owns twice in 2011 and once in 2014. But a lack of interest from developers caused the board to close those rounds without any activity. [The Next Miami] – Katherine Kallergis


Related Articles

arrow_forward_ios
Blackstone's Jon Gray and 2MiamiCentral (Getty)

Blackstone inks lease at MiamiCentral in downtown Miami

Blackstone inks lease at MiamiCentral in downtown Miami
Matthew Whitman Lazenby, Grant Cardone, Phil Collins, Orianne Bates, Russell Galbut, Natalie Brabner, Craig Studnicky and Masoud Shojaee (Lazenby by Sonya Revell; Getty, iStock)

South Florida’s juiciest real estate lawsuits of 2020

South Florida’s juiciest real estate lawsuits of 2020
Rendering of Byron Carlyle Cultural Center, with Matis Cohen, Jared Galbut and Keith Menin (Miami Beach City Commission)

Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February

Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February
 Miami Worldcenter Associates developers Art Falcone and Nitin Motwani and RPC’s Dan Kodsi with a rendering of the project (Royal Palm Companies)

Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter

Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter
Photo of the new Aston Martin DBX and the Aston Martin Residences (Aston Martin)

Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo

Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo
Michael S. Liebowitz and Russell Galbut (Linkedin, iStock)

Oversubscribed: Russell Galbut and Michael Liebowitz’s SPAC raises $115M

Oversubscribed: Russell Galbut and Michael Liebowitz’s SPAC raises $115M
Michael S. Liebowitz and Russell Galbut (Linkedin)

Russell Galbut and partner launch blank check company, plan to raise $100M

Russell Galbut and partner launch blank check company, plan to raise $100M
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...