CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project

It’s one of three citizenM hotels planned for Miami-Dade

TRD MIAMI /
Jul.July 02, 2020 10:30 AM
citizenM founder Rattan Chadha, Russell Galbut and a rendering of 1212 Lincoln

citizenM founder Rattan Chadha, Russell Galbut and a rendering of 1212 Lincoln

Crescent Heights sold the hotel portion of its mixed-use project under construction on Miami Beach’s Alton Road to citizenM.

Property records show an affiliate of Crescent Heights sold a piece of the 1212 Lincoln project to the Dutch hotel group for $9 million.

Russell Galbut, managing principal of the Miami-based development firm, said the project should be open in less than two years.

1212 Lincoln, a 12-story building rising on the 1600 block of Alton Road, will also have retail and parking. Crescent Heights recently received a favorable endorsement from the Miami Beach Planning Board to open an outdoor rooftop movie theater at the project. The proposal, which will go before the Miami Beach City Commission next, would allow rooftop movie theaters along Alton Road’s commercial corridor between 14th Street and the Collins Canal.

The project is one of at least three in Miami-Dade where citizenM plans to plant its flag.

In December, citizenM scored a $48 million construction loan to build a new hotel at the former site of Perricone’s Marketplace & Cafe in Brickell. The hotel chain is also planning to build a hotel at Miami Worldcenter.

Crescent Heights has a number of developments in the pipeline. In Edgewater, near its headquarters, the company is planning a major mixed-use project between Biscayne Boulevard, Northeast Second Avenue, Northeast 29th and 30th streets. (The Real Deal is a tenant at 3050 Biscayne Boulevard, a Crescent Heights building.)


Related Articles

arrow_forward_ios
34 Star Island Drive with Albert Justo, Stacy Robins and Mirce Curkoski (Redfin)

Former Star Island residents return, buy $12M waterfront home

Former Star Island residents return, buy $12M waterfront home
1510 West 25th Street, Valerio Morabito (inset) and Gianluca Vacchi (Getty, Douglas Elliman)

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion
WeWork Lenox Avenue, WeWork Lincoln Road and CEO Sandeep Mathrani (Lenox location by Katherine Kallergis, WeWork, iStock)

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Billionaire hedge funder sells South Beach PH at a loss

Billionaire hedge funder sells South Beach PH at a loss
Faena Hotel Miami Beach and Eau Palm Beach (Faena, Eau Palm Beach)

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds
(iStock)

South Florida by the numbers: From the Big Apple to the Magic City

South Florida by the numbers: From the Big Apple to the Magic City
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
6380 north bay road with Richard and Barbara Lane (Urdapilletta Real Estate, A Scott/Patrick McMullan/Getty)

Real estate honcho buys waterfront North Bay Road home for $9M

Real estate honcho buys waterfront North Bay Road home for $9M
arrow_forward_ios

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

Loading...