Crescent Heights scores $41M construction loan for CitizenM hotel
168-room hotel will also have about 60K sf of commercial space
Crescent Heights is forging ahead with plans to build a mixed-use hotel on the corner of Alton and Lincoln Roads in Miami Beach.
Affiliates of the Miami-based developer scored a $40.5 million construction loan from SunTrust Bank for 1212 Lincoln Road. The firm, led by Russell Galbut, will build a five-story, mixed-use CitizenM hotel designed by Perkins + Will on the property, which stretches along most of the 1600 block of Alton Road.
Marisa Galbut, regional director at Crescent Heights, said the project will include two floors of commercial with about 60,000 square feet of retail and restaurant space.
The property is among three CitizenM hotels planned for South Florida. The Netherlands-based hotel chain is building a hotel in Brickell, on the former site of Perricone’s Marketplace & Cafe, and another at Miami Worldcenter.
In 2017, the Miami Beach Design Review Board approved revisions to the plans that allow for two large LED screens on the northernmost side of the building and a variance for 168 hotel rooms, many as small as 168 square feet.
The project will be across the street from the Regal South Beach Stadium 18 movie theater. Wells Fargo still owns a portion of the site, records show.
The property includes a shopping center anchored by Dunkin Donuts that is still open. Crescent Heights paid $12.25 million for the mini mall in 2016.
Farther south, the developer and its 50-50 partner, Terra, are planning to build the Park on Fifth, a 44-story, 519-foot luxury residential tower.