Miami Beach has struck a deal with Crescent Heights co-founder Russell Galbut to bring a 3 acre park to Alton Road in exchange to allow Galbut to up-zone the old South Shore hospital site in South Beach. Commissioners approved a tower height increase to 519’, in exchange Galbut will fund and develop the 3 acre park which will be connected to the baywalk which wraps around South Pointe via a taxpayer funded pedestrian bridge. Galbut will have 6-months after the appeal periods to demolish the vacant South Shore Hospital and must complete the park within 8 years after the construction permit for the tower is issued. Should Galbut wish to flip the property he must retain 10% ownership. A subsequent hearing will take place in December.
The Real Estate Mogul's Guide to South Florida
