This developer is joining Russell Galbut’s South Beach tower project

519-foot, 44-story tower will have 20 floors of apartments and 20 floors of condos

Apr.April 08, 2019 01:30 PM

David Martin and Russell Galbut with a rendering of the Park on Fifth

Developer David Martin joined Russell Galbut’s Crescent Heights project in South Beach as a partner.

Martin, president and co-founder of Terra, announced his involvement in the Park on Fifth, Galbut’s mixed-use tower and park project at 500 to 700 Alton Road, during a recent community meeting, according to RE Miami Beach. Crescent Heights will perform an implosion of the 10-story South Shore Hospital shell on the property on April 16.

In December, the Miami Beach City Commission approved zoning changes and a development agreement that allows Crescent Heights to build a 519-foot, 44-story tower on the 500 block of Alton Road. As part of the deal that was years in the making, the developer will build a 3-acre public park on the 600 block.

Martin has two other major projects in the planning or construction stages in Miami Beach. At 8701 Collins Avenue, he’s building Eighty Seven Park,  a 66-unit, 18-story condo building. Martin is also a co-developer of the Miami Beach Convention Center Hotel, which was approved by voters last year.

Martin said during the community meeting, held at the Mondrian South Beach, that he was watching the Crescent Heights project go through the city for approvals while the convention center hotel was being proposed.

The 500 Alton tower will have 40 floors with 350 residential units, with the first 20 floors for 220 apartments and the other 20 floors with 130 condos. The building will also have nearly 49,000 square feet of amenities.

Galbut is aiming to complete the project within 28 months, but said that the contractor requested a 30 to 32-month timeline. Arquitectonica GEO will be working on the park’s design. The developer is in talks with a tenant to take the ground floor retail space and hopes to sign a letter of intent soon. [RE Miami Beach]Katherine Kallergis

Related Articles

802 West Dilido Drive with agents Dina Goldentayer and Miltiadis Kastanis (Credit: Douglas Elliman)

Developer gets $15.6M for Venetian Islands spec home

Todd Glaser, Rony Seikaly and a rendering of spec home at 1635 W 22nd Street (Credit: Mary Beth Koeth, Getty Images)

Todd Glaser, Rony Seikaly close on Miami Beach spec mansion

Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

The LaLanne exhibit at The Real Deal’s event in October

Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh

Thomas O’Reilly, John Marshall, Ivan Chorney and Michael Martirena with Continuum North unit 1402/03 (Credit: Douglas Elliman and LinkedIn)

Tech entrepreneur sells Continuum unit to Neuberger Berman exec

Daily Digest Miami

Missoni Baia lands massive loan, Babylon Brickell owner sells Overtown property: Daily digest

Miami Beach loosens regulations for real estate developers and small businesses

Miami Beach relaxes rules on development, pools, restaurants

Daily Digest Miami

Miami-Dade approves Brightline deal to build PortMiami station, WeWork eyeing electronic gaming play: Daily digest