Another day and yet another new condo construction in Miami. The inventory of Miami Beach is about to increase with the tenacious construction of Park on Fifth. This 44-story luxury condo will be raised at 500 Alton Road with a welcoming location for visitors and residents of Miami Beach coming from the MacArthur Causeway.
This project is all about persistence, including the personality of the developer, Russell Galbut. Galbut is the co-founder of Crescent Heights, a real estate development company with over 38 thousand residential units nationwide. The firm attended to over a hundred meetings to have this project approved by the city and be able to implode the hospital previously acquired by the company where the condo will be located. The city even agreed to increase Park View Fifth‘s initially proposed height.
The hospital was bought in 2004 when it was promised to be redeveloped and redesigned to be an ultramodern hospital, as a philanthropy campaign. However, in 2006 it went bankrupt and had to close doors to its public. Instead, the firm decided to develop this 410-unit condo/apartment complex. This change of plans is criticized by some saying that it was planned all along by Crescent Heights – including Galbult – to demolish the hospital.
On the contrary, those who know Galbut present him as a hard-worker and with strong diligence and ethics. They draw him as an energetic and positive leader and partner. He has an extremely diverse portfolio, and he is known for being completely informed about every one of his businesses and deals at all times. Recognized as a number-driven person that believes that planning is the key to success.
Galbut’s latest investment points the innovative federal program, Opportunity Zones. This project aims to provide tax breaks for real estate investors in certain areas. Out of the 8,700 designated Opportunity Zones, 67 are in Miami-Dade. Galbut is now investing in these particular sectors in pro of asset and multigenerational planning. Crescent Heights is now head firm in renowned Miami projects such as Brickell Heights, Isola condo, and the Mirador.
Hate him or love him, Galbut has worked over 150 developments all around the U.S. with a market value around the $12 billion, which has positively pushed the economy. Knowing his previous project, I can assure the development in South Beach – Park View Fifth – will be a signature condo in the city, and a perfect fit for the neighborhood and peer condos such as Icon South Beach, Yacht Club at Portofino and Murano Grande.