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.)