Miami Beach commissioners have officially voted in favor of finalizing the proposed deal with Crescent Heights and its co-founder Russell Galbut to redevelop the former South Shore Hospital site on Alton Road in South Beach. As per the agreement Crescent Heights will fund and build a 3 acre park on the Alton Road site in exchange to allow Galbut to up-zone the site where commissioners approved a tower height increase to 519’. The tower is being designed by Arquitectonica and will rise 44-stories, offering 410 luxury units which the developer will be allowed to rent as short term rentals with a minimum term of 30 days per rental. After sale-and-purchase of the condo units the buyers will not be permitted to rent out their condos on a short term rental basis. The park which will be connected to the baywalk which wraps around South Pointe via a taxpayer funded pedestrian bridge. Galbut now has 6-months after the appeal periods to demolish the vacant South Shore Hospital and must complete the park within 2.5 years after the construction permit for the tower is issued, which must be completed with in 8 years. Should Galbut wish to flip the property he must retain 10% ownership.
Real Estate Development News
