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Miami Beach Neighborhood Draws $150M Block-Size Residential Towers Development

North Beach $150 Million Residential Development_Arquitectonica 1170x435

A $150 million development promises to bring two high-rise towers built on an entire block in North Beach, following a wave of new projects in a once often-ignored neighborhood of Miami Beach.

Twin 19-story residential towers would replace surface parking lots and boutique apartment rental buildings on the 1.57-acre corner of 72nd St. and Dickens Ave., according to developer Russell Galbut. Galbut, Matis Cohen and development firm Lefferts — headed by Mendy Chudaitov — submitted plans to the city of Miami Beach’s land use board, which reviews development plans in October. Lefferts owns the entire block, except for an apartment rental building that would remain on site.

Designed by Arquitectonica, the development would deliver a total of 125 residences.

The project remains in the early phase, but construction was expected to begin in late 2024, if the partners gain the necessary approvals in the coming months. Galbut said it would take about another two years to complete.

 

Source:  Miami Herald

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South Beach Retail Property Trades For $39 Million

Three months after selling a retail strip along Alton Road to Michael Shvo for $39.3 million, Robert Shor is back to buying, scooping up a vacant retail property across the street for $10 million.

Through an affiliate, Shor bought a commercial condominium at 1665 Alton Road from an entity tied to Orlando Garcia of Coral Gables-based Secured Debt Investments, according to records. The 9,000-square-foot condo is on the ground floor of a two-story building immediately north of the 1111 Lincoln garage and retail building.

Irma Figueroa and Vicki Freeman of the Comras Company represented the seller. Seth Gadinsky of Gadinsky Real Estate represented Shor.

In June, Shor sold the 60,000-square-foot commercial strip across the street at 1656-1680 Alton Road, as well as an adjacent 0.2-acre parking lot at 1677 West Avenue, to Michael Shvo, who plans to redevelop the property into a 250,000-square-foot office and retail complex. The property includes the former Epicure Gourmet Market & Café building.

Shor said an Ace Hardware store on that strip, set to close next year, will reopen in April in the vacant retail space he bought this week.

Alton Road, a main north-south connector on the western end of Miami Beach, is poised for more development after city residents in August approved a zoning referendum that allows for bigger projects in the Alton gateway area.  The vote allows developers Russell Galbut and David Martin of Terra to build a taller mixed-use project at 710 Alton Road.

 

Source:  The Real Deal

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Miami Beach Voters Pass Referendums Approving More Density For Some, Less For Others

Residents of Miami Beach approved all six referendum questions on their primary ballot Tuesday, including a handful that will have an impact on development in the city.

The most impactful measure passed allows the developer of the Alton Road Gateway Project to increase the allowable density on its site.

Terra, which is replacing the community health center at 710 Alton Road, will be allowed to build to a 2.6 floor-area ratio, clearing the way for a roughly 15-story tower with about 120 units, office space and retail, Terra’s Russell Galbut told The Real Deal. In exchange for the allowable density — the site previously allowed 2.0 FAR — Terra has agreed to build a new health center and library across the street from its project.

A ballot measure that would force developers who are building in vacated city alleyways and side streets to get voter approval to increase their projects’ floor-area ratio also passed Tuesday night. Developers had previously been able to build denser projects than zoning allows by incorporating former city streets and alleys into their projects — they will now need to get a referendum approved to get that additional FAR.

“I was a bit disappointed, but not surprised,” that the FAR referendum passed, said Neisen Kasdin, a managing partner at law firm Akerman and a former mayor of Miami Beach. “I’ve always held the belief that the U.S. Constitution protects property owners’ rights to not be subject to popular vote.”

Another referendum passed that would allow developers to build denser residential projects if they convert properties zoned as apartment-hotels. The city voted to ban those types of properties last year, and now voters have approved an incentive for developers to convert those buildings to permanent housing.

“There is this idea that transient [developments] are viewed as disruptive,” Kasdin said. “This incentivizes developers from working on transient projects.”

Voters also approved adding a rule that the city’s Board of Adjustments, which hears land use and zoning cases, must have an architect among its seven members.

 

Source:  Bisnow

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Crescent Heights Scores School Board Approval To Buy Downtown Miami Land For Mixed-Use Project

Real estate giant 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.

Crescent Heights, a Miami-based developer led by Managing Principal Russell Galbut, is expected to pay $20.6 million for the property at 1370 Northeast Second Avenue.

The deal still hinges on the extension of the ​​Omni Community Redevelopment Agency through 2045, which would have to occur by the end of this year, as well as zoning approvals. Crescent Heights is seeking tax incentives the CRA would provide for the Arts & Entertainment District site.

Crescent Heights would double the size of its assemblage with the acquisition of the school board’s 1.1-acre lot, to build a major mixed-use development designed by architect Rafael Viñoly, who designed the developer’s NEMA tower in Chicago. Crescent Heights owns the adjacent parcels immediately south.

The Miami project, called Casa Forma, calls for a 43-story, 1,100-unit residential tower on top of a podium with eight floors of parking and two floors of office space. The school board would receive roughly 100,000 square feet of office space and Crescent Heights would also provide about 1,100 parking spaces, half of which the school board would control. The build-out cost for the office space would be capped at $420 per square foot, according to the proposal.

The residential units at Casa Forma would likely be apartments, Galbut said. He expects to begin construction immediately after obtaining entitlements, and the project would take about 38 months to complete from groundbreaking. Crescent Heights plans to invest about $100 million into the project, he said.

 

Source:  The Real Deal

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Former Miami Beach Hotel To Be Renovated Into Offices After $47M Sale

The historic Bancroft Hotel building in Miami Beach was acquired for $47 million and part of it will be converted into Class A office space.

Bancroft Oceans Five Holdings, an affiliate of Miami-based Crescent Heights, sold the commercial condos at 1501 Collins Ave. to a joint venture between Boca Raton-based Pebb Capital and Miami-based Maxwelle Real Estate GroupRussell Galbut of Crescent Heights remains a partner in the project.

Built in 1939, the five-story building totals 100,000 square feet of indoor and outdoor space. That includes 50,000 square feet of offices, 20,000 square feet for four restaurants, 30,000 square feet of terrace space and 210 below-ground parking spaces.

 

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