Russell Galbut wants to redevelop Miami-Dade courthouse in exchange for $1.8B over 99-year lease

Miami /
Apr.April 25, 2017 02:15 PM

Developer Russell Galbut made an unsolicited offer to build Miami-Dade a new, $300 million courthouse in exchange for a 99-year lease and the right to redevelop the existing courthouse. 

Under Galbut’s proposal, his firm Crescent Heights would collect at least $18 million a year in rent from the county on the new 35-story courthouse, which would be built on a lot across the street at 54 West Flagler Street. At $18 million, it would amount to nearly $1.8 billion over 99 years. Galbut would get to convert the historic courthouse, which was built in 1928, into a high-end office tower with retail and restaurants on the ground floor.

The developer submitted his plan in February, but it was only recently made public, the Miami Herald reported. The 28-story building, at 73 West Flagler Street, has been in disrepair for years, and plans to redevelop or renovate the Dade County Courthouse have failed to move forward due to the cost. In 2014, voters rejected a $219 million bond measure to build a new civil courthouse.

Galbut told the Miami Herald that the annual rent, which would rise slightly every year, would include a stream that Crescent Heights would pay the county back to use the original courthouse that would be redeveloped. Crescent Heights could connect the new and old courthouses via a town square, and both partners could buy their leases out after 30 years and buy the real estate.

“It’s all about saving Flagler Street,” he told the newspaper. [Miami Herald] – Katherine Kallergis


Related Articles

arrow_forward_ios
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
South Florida’s residential markets bounced back in the third quarter

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County
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
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
From left: Jorge Pérez, Stuart Miller, Craig Robins, Louise Sunshine, and Russell Galbut,(Credit: Patrick McMullan via Getty Images)

Here are the South Florida real estate players who donated to candidates in 2020

Here are the South Florida real estate players who donated to candidates in 2020
Renderings of the project (Courtesy of Pinnacle)

Pinnacle scores $31M for senior affordable housing development

Pinnacle scores $31M for senior affordable housing development
From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

South Florida signed resi contracts up in September: Elliman

South Florida signed resi contracts up in September: Elliman
arrow_forward_ios

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

Loading...