Will Miami Beach make a deal with Russell Galbut?

Crescent Heights is offering Miami Beach land so it can build a taller building at Fifth and Alton

Miami /
Apr.April 10, 2018 10:30 AM

Rendering of the proposed changes and Russell Galbut

Developer Russell Galbut wants to make a deal.

Galbut is offering the city of Miami Beach up to 4 acres of land in exchange for the ability to build a taller tower on a nearby site.

Galbut’s Crescent Heights can build low-rise buildings with up to 510 units, but the developer has been chasing approvals for a 25-story tower with fewer units. The city commission will discuss the two options at its Wednesday meeting and will likely refer it to the land use committee, according to a letter from Miami Beach Mayor Dan Gelber.

The properties in question are part of the Wave mixed-use development, and include the three blocks between Alton Road and West Avenue from Fifth to Seventh streets where the South Shore Hospital shell remains.

The city will discuss giving Crescent Heights a variance to build the taller and less dense tower on Alton and Fifth Street. In exchange, the developer would donate the majority of the remaining land on Sixth and Seventh streets for a park, according to Gelber’s letter. The proposed rendering shows a 42-story building at 500 Alton Road and park space fronting West Avenue behind a planned apartment building with ground floor retail.

The mayor said he is “not a big fan” of the already approved plans for lower buildings “as all it will do is bring greater intensity into an already congested intersection.”

Galbut has been trying to increase the project’s height for years. In 2016, he secured the OK from the city commission to seek land use board approval for revised plans. At the time, he offered the city 20,000 square feet of space for a five-story transit hub for the then-proposed $400 million light-rail system – all in exchange for the height increase at 500 Alton Road.

Plans for the Wave include apartments, 63,000 square feet of commercial space and a 122,000-square-foot outpatient and medical complex for Baptist Health South Florida, the latter of which is under construction.


Related Articles

arrow_forward_ios
Finvarb's Ronny Finvarb and 1685 Washington Avenue (Finvarb Group, Google Maps, iStock)
Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project
Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project
Stephen Ross, Miami Beach Commissioner Kristen Rosen Gonzalez, Miami Beach Mayor Dan Gelber and Frank Gehry with the Deauville Beach Resort (Wikipedia, Getty, Visit Florida, Related, Rosen Gonzalez)
“Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville
“Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville
BH Properties' Steve Gozini and Vornado's Steven Roth with 1100 Lincoln Road (BH Properties, Getty, Google Maps)
Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
The apartment building at 1770 Meridian Avenue, Miami Beach with Victory Investments Group CEO Anil Monga (Google Maps)
Hotel Astor owner buys Miami Beach apartment building
Hotel Astor owner buys Miami Beach apartment building
Leon Patitsas, CEO of Atlas Maritime, and 225 North Hibiscus Drive in Miami Beach (LinkedIn/Leon Patitsas, Redfin)
Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
The lot where the Champlain Towers South once stood (Getty)
Settlement in Surfside condo collapse now over $1B
Settlement in Surfside condo collapse now over $1B
Sean “P. Diddy” Combs, DJ Khaled, Trippie Redd, Lil Wayne, Rick Ross and Kodak Black (Getty, iStock, Illustration by Shea Monahan for the Real Deal)
South Florida’s rapper resi market is super dope fire
South Florida’s rapper resi market is super dope fire
A photo illustration of the Apogee Residences Miami Beach at 800 South Pointe Drive (Zilbert, iStock)
Closing at Apogee tops Miami-Dade’s weekly condo sales
Closing at Apogee tops Miami-Dade’s weekly condo sales
arrow_forward_ios

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

Loading...