Urbanica scores construction loan from Miami Beach’s biggest developer

Despite being the company’s third hotel in Miami Beach, the new hotel will be named The Fifth Hotel

TRD MIAMI /
Sep.September 13, 2019 04:55 PM
Russell Galbut and the Fifth Hotel

Russell Galbut and the Fifth Hotel

Urbanica Management just scored a loan for a hotel project, but they didn’t go to a bank for the financing. Instead, they got the cash from Miami Beach’s largest developer.

Urbanica scored a $9 million construction loan from a company tied to Russell Galbut that will be used to finish constructing its third hotel in Miami Beach.

Despite being the company’s third hotel in Miami Beach, the new hotel will be named “the Fifth Hotel.” It will have 52 rooms, a restaurant, 45 parking spaces, and a rooftop pool, according to Charlie Porchetto, a principal at Urbanica. It will sit at 803 Fifth Street.

Porchetto said he could not disclose the name of the restaurant, but that it will be a partnership with a New York Italian restaurant.

Urbanica Management bought the property in 2017 for $5.97 million from Ronny Finvarb. The lot totals 9,000 square feet.

Urbanica recently bought a vacant waterfront lot at 6747 Collins Avenue in Miami Beach from China City Construction for $40 million where the company is planning to build a 20-story, 200-key hotel.

Urbanica also owns the Meridian Hotel in Miami Beach and The Euclid Hotel at 426 Euclid Ave in Miami Beach, which Porchetto said he expects to open in the next month.

Russell Galbut is one of the largest developers in Miami Beach. His company Crescent Heights is planning to build a 44-story, 519-foot-tall luxury residential building dubbed Park on Fifth at 500 Alton Road, the site of the former South Shore Hospital.

In June, Galbut’s firm said it had built over 150 projects nationwide valued at about $12 billion.


Related Articles

arrow_forward_ios
From left: Edgardo Defortuna, Stephan Burke, Ron Shuffield, Ana Bozovic, Carol Cassis, and Mark Zilbert

South Florida’s residential sales shift to virtual reality as business slows

From left: Eden Roc and BLT Prime Trump National Doral (Credit: Acroterion/Wikipedia, and Trump International Hotels Management LLC)

Trump National Doral restaurant, Eden Roc hotel lay off hundreds

The city of Miami Beach issued a stay-at-home order (Credit: iStock)

Miami Beach becomes first South Florida city to order residents to stay at home

From left: Miami Beach Mayor Dan Gelber, and Miami-Dade Mayor Carlos Gimenez (Credit: Twitter, Ryan Holloway/ Armando Rodriguez Miami-Dade County Photographers, and iStock)

All hotels, short-term rentals in Miami-Dade ordered to shut down due to coronavirus

5242 North Bay Road and Cyril Matz (Credit: Google Maps)

Waterfront North Bay Road home sells for $7M

4403 Pine Tree Drive with Mendel Fellig and Oren Alexander (Credit: Douglas Elliman, Sean Zanni/Patrick McMullan via Getty Images)

Car insurance mogul flips Miami Beach waterfront estate

Daniel Glass and Eighty Seven Park (Credit: Charley Gallay/Getty Images for Citi)

Music exec, Goldman Sachs director snag condos at Eighty Seven Park

Anthony Kennedy Shriver and Alina Shriver (Credit: Venturelli/WireImage/Getty Images)

JFK’s nephew sells waterfront Miami Beach home

arrow_forward_ios
Loading...