Crescent, Related Group to hold off on condo tower
Crescent Heights and the Related Group’s proposal to develop the tallest building in Miami Beach is on hold.
Russell Galbut, Crescent’s managing principal, told the Miami Herald the partnership is reconsidering plans for a 50-story condo tower next to the Alton Road flyover at the end of the MacArthur Causeway. Galbut cited the city’s desire to create a master plan for Alton Road as a primary reason for the decision.
“Due to the possibility of Alton Road being master planned in the near future, we have decided to follow this process before we make a final decision on whether to develop the site in accordance with our existing entitlements, pursuing the presently advertised project, coming back with a modified version, or perhaps building nothing at all in this time,” Galbut said in an e-mail to a South Beach homeowner group.