Crescent Heights Reveals New Renderings of Park Coming To 500 Alton In South Beach

Crescent Heights and Terra has revealed new renderings of the public park coming to 500 and 600 Alton Road, known as the Park on Fifth, as part of their deal to build a 44-story, 553’ tower at the gateway to South Beach. Russell Galbut and David Martin’s proposal was approved with an agreement to transform the former South Shore Hospital site with the tower, which is being designed by Arquitectonica, and the 3-acre park. The JV between Crescent Heights and Terra Group applied for a construction permit in late November 2019 and completion of the new park is expected for 2021. The park will also feature a bridge which will connect the South Pointe Park baywalk with the new Park on Fifth. When complete the tower will be among the tallest in Miami Beach and will feature 410 luxury units which the developer will be allowed to rent as short term rentals with a minimum term of 30 days per rental. Bridge construction will be funded by a $10 million General Obligation Bond which voters approved in November 2018.

Miami Beach Commissioners Vote To Finalize Deal With Crescent Heights At South Shore Hospital Site On Alton Road

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.

Crescent Heights Strikes Deal With The City Of Miami Beach To Build A 42-Story Tower On Alton Road

According to new reports Crescent Heights has finally struck a deal with the city of Miami Beach to redevelop the former South Shore Hospital site, the three-block lot between Alton and West Avenue from 5th to 7th streets, into a 42-story tower. The tower, which will be located on 5th Street, is designed by Arquitectonica and will feature a 13,900 SF floor-plate. Crescent Heights has agreed with the city to limit the residential unit count to 400 as well as reduce the commercial intensity by 50%. The proposal includes a single story commercial plaza on the Alton Road side of the 6th street parcel which would feature retail, cafes, etc., as well as parking. The commercial structure would buffer the park which in exchange to build a high-rise, Crescent Heights will donate a 2.5-acre street-grade park to the city. Original proposals included parking to be located under the park. The developer will also give an easement on 5th Street for the city to build a pedestrian walkway over 5th Street as well as build an extra turning lane.

The currently approved project on the site rises 5-7 stories and features 510 apartments. Mayor Dan Gelber worries about congestion due to an influx of new residences in addition to a "wall effect" that is created by the low-rise buildings. With a high-rise condos, a selection of owner-occupants will not live in Miami full-time while apartment rentals would be operating at near 100% occupancy.   

The terms are still under negotiation and the plans have not yet been approved by the city. Mayor Gelber plans to ask the City Commission to pursue a development agreement and draw up a term sheet for Crescent Heights's proposal. Should the proposal be approved the timeframe of the project is expected to be 2 years.