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

Asking price breaks down to nearly $250 per buildable square foot

Jun.June 07, 2017 02:15 PM

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.

Related Articles

Proposed Galbut residence at 4260 Pine Tree Drive and Russell Galbut

Russell Galbut wants to build a modern mansion on Pine Tree Drive

Matis Cohen and Marisa Galbut with the 72nd and Park rendering

Matis Cohen and Galbut family score board approval for North Beach project, to include apartments and micro-units

Rendering of Crescent Heights’ project with Russell Galbut

Crescent Heights to begin construction of massive Edgewater project

Russell Galbut and the Fifth Hotel

Urbanica scores construction loan from Miami Beach’s biggest developer

Daily Digest Miami

Keith Menin snags a home on North Bay Road, Brickell Flatiron commercial space buyer seeks court-ordered discount: Daily digest

Broker Jamie Maniscalco and Russell Galbut with 2901 Northeast Second Avenue

Russell Galbut closes on missing piece of his Edgewater assemblage

Russell Galbut and 3000 Biscayne Boulevard (Credit: Haute Living and Google Maps)

Crescent Heights buys Staples building in Edgewater

1745 James Avenue, Jorge Savloff and Marcelo Tenenbaum

Menin, Galbut sell shuttered South Beach hotel to Blue Road for $14M