Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project

Developer broke ground on planned 39-story mixed-use project

Miami /
Apr.April 01, 2022 02:30 PM

Rendering of Nema Miami with Russell Galbut and Bruce Menin (Crescent Heights)

Construction is underway at Crescent Heights’ Whole Foods-anchored luxury apartment tower in Edgewater, after the developer secured a major construction loan.

Miami-based Crescent Heights, led by Sonny Kahn, Russell Galbut and Bruce Menin, closed on a $224 million loan from Blackstone, according to a spokesperson for the developer. The mixed-use development, called Nema Miami, is planned for 2900 Biscayne Boulevard in Miami.

It marks the first Nema-branded tower in Miami. Crescent Heights has Nema towers in Boston, Chicago and San Francisco, as well as planned projects in Los Angeles and Seattle, according to its website.

In Miami, the 39-story building will have 588 units. Arquitectonica and Rockwell Group are designing the project. Crescent Heights broke ground and is expected to deliver the tower in 2024, the spokesperson said. The properties are in an Opportunity Zone, a federal program that gives tax incentives to developers and investors who invest in distressed areas throughout the country.

Whole Foods signed a lease in March 2020, records show. The Amazon-owned supermarket chain committed to a 20-year lease with six five-year extension options. It typically takes spaces of about 40,000 square feet.

The Nema tower is part of a larger development for Crescent Heights, which also owns the block immediately north of 2900 Biscayne Boulevard, including the office building at 3050 Biscayne Boulevard. The firm has its headquarters at 2200 Biscayne Boulevard.

Galbut’s firm has long planned to redevelop its assemblage where Nema will rise, and planned to start construction prior to the pandemic. Crescent Heights controls the land between Northeast 29th to 32nd streets and between Northeast Second Avenue and Biscayne Boulevard. In all, affiliates of the developer have paid about $44 million for the majority of the land on those blocks.

In late 2020, Crescent Heights secured approval from the city’s Urban Development Review Board for the 912,000-square-foot building with about 50,000 square feet of retail space and a parking garage with about 750 parking spaces.

Development is booming in Edgewater, a bayfront neighborhood north of downtown Miami where condo and apartment developers have flocked in recent years. The Nema tower is planned at a time when Miami’s multifamily market has been on fire, with countless institutional sales and record high rents that have pushed locals out of the market.

Galbut, through his family office and Crescent Heights, has other projects in Miami and Miami Beach. In February, Crescent Heights secured approval from the School Board of Miami-Dade County to purchase a lot north of downtown Miami, capping a yearslong effort to acquire the site that will be part of a major mixed-use development designed by architect Rafael Viñoly, who designed the developer’s Nema tower in Chicago.

In Miami Beach, Galbut is partnering with David Martin’s Terra on Five Park, a planned luxury condo and apartment tower at the southern entrance to Miami Beach that includes a park.





    Related Articles

    arrow_forward_ios
    Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    From left: Harbor Group International's Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential's Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach (Cottonwood Residential, Harbor Group International, Google Maps, iStock)
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
    Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
    Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
    TPA's J Bradford Smith with conceptual site plan for Edison Pembroke (TPA,Nelson)
    Developer switches office park plan in Pembroke Pines to mixed-use apartment project
    Developer switches office park plan in Pembroke Pines to mixed-use apartment project
    Edgewater Tower (iStock)
    Miami board rejects Aimco’s proposal for waterfront Edgewater tower
    Miami board rejects Aimco’s proposal for waterfront Edgewater tower
    From left: Sarah and Shaya Boymelgreen along with a rendering of 42 Pine (42 Pine, Getty Images, iStock)
    Boymelgreens score construction loan for condo project in Mid-Miami Beach
    Boymelgreens score construction loan for condo project in Mid-Miami Beach
    A rendering of the Art 88 apartment complex at 8855 Fontainebleau Boulevard in Miami-Dade County with Trion Properties Managing Partners Max Sharkansky and Mitch Paskover (Trion Properties)
    Trion enters Miami-Dade with $87M multifamily purchase
    Trion enters Miami-Dade with $87M multifamily purchase
    arrow_forward_ios

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

    Loading...