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

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

Miami /
Jun.June 07, 2017 02:15 PM

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

arrow_forward_ios
Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Michael Shvo and Norman Foster and renderings of The Alton (Getty, Wikipedia, Foster + Partners)
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Michael Shvo along with an aerial view of his newly-acquired retail properties between 16th and 17th Streets along Alton Road in Miami Beach (Google Maps, SSHaving, CC BY-SA 4.0 - via Wikimedia Commons)
Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment
Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment
Edgewater Florida (iStock)
Here are the resi projects planned for Miami’s Edgewater
Here are the resi projects planned for Miami’s Edgewater
 Rendering of Nema Miami with Russell Galbut and Bruce Menin (Crescent Heights)
Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project
Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
arrow_forward_ios

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

Loading...