Crescent Heights, Inc, is an American real estate development company based in Miami, Florida specializing in the development of condominiums, rental communities, office buildings and hotels.
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History
Crescent Heights was co-founded by billionaire Sonny Kahn, and cousins Russell W. Galbut and Bruce Menin in 1989.
Early real estate development projects in Miami Beach, Florida included the Shelborne, the Alexander, the Decoplage, Carriage Club, and the Casablanca.
In 1997, Crescent Heights completed the first office to residential rental conversion in Lower Manhattan of 25 Broad Street, a property initially purchased in 1994 for $5 million. Crescent Heights sold the property for $260 million to Swig Equities in 2005.
In 2004, Crescent Heights bought the Ala Moana Hotel in Honolulu, Hawaii from Japanese firm Azabu USA for $85 million and completed a renovation and conversion of the 1,154-room property into a condo-hotel, one of the largest condo-hotel conversion projects in the U.S.
In 2013, they acquired a building at 165 East 66th Street in Lenox Hill on the Upper East Side for $230 million to remodel it into condominiums; they were sued over allegations of tenant evictions.
In February 2015, Crescent Heights sold its development site at 325 Fremont Street in San Francisco to Fulton Street Ventures for $28.5 million.
In 2015, they sold the historic Hotel Paris on the Upper West Side of Manhattan for $150 million.
In 2015 the firm bought Burnham Pointe, a 298-unit building in the South Loop.
In January 2016, the company agreed to purchase the 55-story, 600-apartment North Harbor Tower in Chicago, for an estimated $200 million.
In 2016, the company purchased a half-acre site at 1045 South Olive Street in Los Angeles for $11.5 million. In August 2017, Crescent Heights filed plans to build a 70-story tower with 794 apartments. The tower would be the tallest residential building in Los Angeles and the third-tallest building in Los Angeles behind the Wilshire Grand Center and the U.S. Bank Tower.
On July 7, 2017, Crescent Heights filed a construction permit with the city of Boston and foundation work has started on a 22-story, 414-unit residential apartment complex at 399 Congress Street in the Seaport District, a parcel purchased for $36 million in 2016.
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Notable Projects
One Grant Park is a 76-story, 800-unit tower at the south end of Grant Park in Chicago designed by architect Rafael Viñoly that will be the tallest building in Chicago south of the Willis Tower. In 2012, Crescent Heights acquired real estate for the development in the Central Station neighborhood, of the Near South Side, Chicago community area for $29.5 million.
NEMA (San Francisco) is a $300 million, 754-unit apartment building consisting of two towers at 10th and Market streets in San Francisco. There are 754 residential rental units designed by Handel Architects, which are LEED Silver certified by the U.S. Green Building Council. In 2015, Crescent Heights completed a $390 million refinancing of the property.
1901 Minor is a planned 39-story twin tower project at the northwest corner of Minor Avenue and Stewart Street in the Denny Triangle area of downtown Seattle with 1004 new residential units. A two-tower design for the project received a 2017 American Architecture Award as one of 79 notable new projects by U.S. firms.
10 Van Ness is a planned project in San Francisco that includes two 41-story towers with 984 residences over 30,000 square feet of ground floor retail space, with an alternate submission for a 55-story single tower. In May 2014, Crescent Heights bought the site on the southwest corner of Market Street and Van Ness Avenue for $58.3 million.
Jasper is a 40-story, 430-foot residential skyscraper with 320 residential units designed by Stanley Saitowitz in collaboration with HKS, Inc. located at 514 Harrison Street in the Rincon Hill neighborhood of San Francisco.
Ten Thousand is a forty-story, 283-unit project at 10000 Santa Monica Boulevard in Los Angeles designed by Handel Architects. The development site was purchased in 2010 for $59 million.
4/C is a proposed 94-story tower in Seattle across from the 76-story Columbia Center, and would be the tallest skyscraper in the Pacific Northwest. The building will be designed by LMN Architects. Crescent Heights bought the property, which consisted of two parking garages, for $48.75 million in September 2015.
The Wave is a mixed-use project at 600 and 700 Alton Road in Miami expected to have 323 apartments, 63,000 square feet of commercial space and a clinic for Baptist Health South Florida.
Awards
The Decoplage won South Florida Business Journal's 1993 Renovation and Rehabilitation Project of the Year Award.
In 2006, Crescent Heights was named the Freddie Mac Multifamily Development Firm of the Year by the National Association of Home Builders.
In 2014, NEMA won an IBcon Digie Award for Most Intelligent Building, Market Rate Rental Project of the Year by the San Francisco Business Times and the Alliant Build America Merit Award in 2015.
In 2015, Jasper received the Market-Rate Residential Deal of the Year Award by the San Francisco Business Times and the Best New Development award from San Francisco Apartment Association.
References
External links
- Official website
Source of article : Wikipedia
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