CLIENT NEWS: Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants

May 5, 2021

Russell Galbut is looking to revive the shuttered Bancroft Hotel and an attached commercial building in South Beach as offices and restaurant space. According to plans submitted to the Miami Beach Planning Board, Bancroft Ocean Five Holdings, LLC, a company managed by Galbut, wants to convert the Bancroft’s rooms into executive office suites and offer memberships for Class A office space. The property is at 1501 Collins Avenue. The hotel’s ground floor, which previously was home to Quality Meats, would[...]

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CLIENT NEWS: North Miami Beach approves mixed-use, multifamily Skygarden tower

May 5, 2021

North Miami Beach gave final approval for a Turkish developer to build a 19-story, mixed-use multifamily tower. Skygarden at 16300 Northeast 19th Avenue will be 224-feet tall and include 341 apartments, 12,635 square feet of retail space, 405 parking spaces, a recreational deck with a pool and garden on the sixth floor, a rooftop terrace, and public art. Developer Celal Ozkan, chairman of Istanbul-based CEO Contract, told commissioners that he wants to break ground in September and complete the project[...]

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CLIENT NEWS: Michael Stern’s tower site deemed brownfield, paving way for tax breaks

April 12, 2021

The site of Michael Stern’s planned 62-story One Southside project in Brickell is officially a brownfield. The Miami City Commission unanimously approved a resolution on Wednesday that designates the 1.5 acres as a brownfield due to elevated levels of arsenic. The neighboring 67,000-square foot Southside Park was declared a brownfield in 2014. The designation will allow Stern, founder of New York-based JDS Development, to pursue state tax credits as well as grants from the federal Environmental Protection Agency to remove any[...]

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CLIENT NEWS: Krispy Kreme sells Miami Gardens store — sans doughnuts — for $9M

March 29, 2021

Doughnut shop Krispy Kreme sold its store just outside Miami Gardens for $9 million. A deed shows the Winston-Salem, North Carolina-based chain and Florida Family Realty sold the 4,345-square-foot, one-story building at 530 Northeast 167th Street to New York-based Bremen House. The building was constructed in 2019 on 1.8 acres, according to property records. It includes a drive-through. The doughnuts and coffee chain, founded in 1937 by Vernon Rudolph, is an American staple that has expanded to 1,005 locations, according[...]

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CLIENT NEWS: Miami Beach developers nab $345M construction loan for 500 Alton

March 26, 2021

Miami Beach developers Russell Galbut and David Martin scored a $345 construction loan for their planned residential tower at the entrance to South Beach, marking one of the largest loans to close in South Florida during the pandemic, The Real Deal has learned. Galbut’s GFO Investments and Martin’s Terra are partnering on the project at 500 Alton Road, formerly home to the South Shore Hospital site. The 519-foot tower, which would be the largest in Miami Beach when it’s completed in 2023, is now[...]

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CLIENT NEWS: Chetrit scores $15M for Miami River $1B mixed-use project

March 25, 2021

The Chetrit Group is pushing forward with its long-planned mixed-use Miami River mega-project, as it just scored a $15 million construction loan, bringing its total financing to $70 million. Chetrit Group, through affiliate MC Miami River, secured the loan from MSD PCOF Partners XXXIV, an affiliate of MSD Partners, a mortgage record shows. The loans adds to New York-based Chetrit Group’s financing for the project, after it secured a $55 million pre-development loan two years ago from New York-based real estate investor[...]

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