The Real Deal Miami

Crescent Heights lists development site on Alton Road for $9M

Asking price breaks down to nearly $250 per buildable square foot
By Katherine Kallergis | June 07, 2017 02:15PM

824 Alton Road. Inset: Alex D’Alba, Scott Sandelin and Russell Galbut

Crescent Heights is putting another Alton Road property on the market.

An affiliate of the Miami-based developer, led by Russell Galbut, is listing the parking lot at 824 Alton Road for $8.9 million, listing agent Alex D’Alba of Marcus & Millichap told The Real Deal. He’s co-listing the property with Scott Sandelin.

The 18,000-square-foot lot is two blocks away from the developer’s the Wave mixed-use project at 500 and 600 Alton Road. Last month, another Crescent Heights affiliate listed the Sherwin-Williams Paints retail building at 1550 Alton Road for $5.5 million, or $730 per square foot for the land and $1,100 per square foot for the building. D’Alba and Sandelin also have that listing.

The parking lot farther south is on the market for nearly $495 per square foot. It’s sandwiched between the Miami Hostel at 810 Alton Road and a two-story retail building at 844 Alton Road. Tenants there include South Beach Tanning Company and Synergy Yoga.

It’s zoned CD-2, which means the land could be developed into retail, hotel, office, apartments, short-term rentals or condominiums. A five-story building could be built on the site with an FAR (floor area ratio) of 2.0, according to marketing materials. The asking price also breaks down to nearly $250 per buildable square foot.

Property records show 824 Alton Road Partners LLC paid $5.4 million for the site in 2015, which means Crescent Heights wants to sell it for 65 percent more.

Retail rents for nearby tenants average in the high $60s per square foot, according to the memorandum letter.

In addition to the Wave, which will have 323 apartments, 63,000 square feet of commercial space and a clinic for Baptist Health South Florida, Galbut is hoping to build a 25-story tower with 100 luxury condos at 500 Alton Road, instead of the five-story building with 163 apartments for which he already secured approvals.

Crescent Heights did not immediately respond to a request for comment.