Crescent Heights (company)

Last updated

Crescent Heights
Company type Private
IndustryReal estate development
Founder Sonny Kahn
Russell W. Galbut
Bruce Menin
Headquarters
Miami, Florida
,
United States
Area served
United States
ProductsHigh-rise residential and mixed-use developments
Website www.crescentheights.com
NEMA (San Francisco) NEMA from Polk Street, San Francisco, May 2014.jpg
NEMA (San Francisco)

Crescent Heights, Inc., is a privately held American real estate development company based in Miami, Florida known for high-rise residential and mixed-use projects in major U.S. cities. [1] The company is associated with partners Sonny Kahn, Russell W. Galbut, and Bruce Menin, and maintains projects in markets including Chicago, San Francisco, Los Angeles, Miami, and Seattle. [2] [3]

Contents

History

Crescent Heights was co-founded by Kahn, Galbut, and Menin in the 1980s. It emerged as a developer active in large-scale residential and mixed-use projects in U.S. gateway markets by the 1990s. [4] [5] Early activity in Miami Beach included work associated with properties such as the Shelborne, the Alexander, the Decoplage, Carriage Club, and the Casablanca. [4] [6] In Lower Manhattan, the firm converted the Broad Exchange Building (25 Broad Street) from offices to apartments in the late 1990s and later sold the property in 2005. [7] [8] In Honolulu, Crescent Heights acquired the Ala Moana Hotel in 2004 and pursued a condo-hotel conversion that became effective in 2005. [9]

Operations

Crescent Heights develops, owns, and operates high-rise rental and mixed-use properties, often in central business districts or rapidly densifying neighborhoods. [10] [11] The company has been active in metropolitan markets including Chicago, San Francisco, Los Angeles, Miami, and Seattle. [5] [12] [13]

Crescent Heights is headquartered in Miami, Florida. In June 2025, the firm sold its Edgewater headquarters property at 2200 Biscayne Boulevard, though it reportedly remained at that address on a temporary basis. [14]

Notable Projects

Chicago

In 2012, the company acquired land for Grant Park-area development in the Central Station neighborhood for $29.5 million. [15] NEMA Chicago is a 76-story residential tower on Grant Park designed by Rafael Viñoly that opened in 2019. [16] [17] At the time of its completion, it was considered one of the tallest buildings in Chicago. [18] Architecture critic Blair Kamin of the Chicago Tribune described NEMA Chicago as "an instant landmark," drawing a comparison between its stepped form and that of the Willis Tower. [19] That same year, the project was refinanced with a $340 million loan, with additional refinancing activity reported in 2021. [3] NEMA Chicago received the 2021 Council on Tall Buildings and Urban Habitat Awards of Excellence for the Americas and for the 200–299 m height category. [20] [21]

In June 2023, the company acquired the North Water Apartments for $173 million, reported as among the city’s highest apartment price in nearly two years. [22]

In January-February 2024, the Chicago Plan Commission and City Council approved Crescent Heights’ 53-story, 575 feet (175 m) mixed-use tower at 420 N. May Street with 587 apartments and on-site affordability. [23]

In May 2024, Crescent Heights transferred the adjacent parcel at 1201 S. Michigan Ave. to its lender, ending plans for a second tower. [10] [24]

At 640 West Washington Boulevard, the firm assembled a site and advanced plans for a 47-story, 413-unit apartment tower; the site purchase and related assembly occurred in 2020. [25] [26]

San Francisco

NEMA San Francisco is a 754-unit, two-tower rental residence on Market Street. [27] In 2015, the property was refinanced with a $390 million loan. [28] NEMA San Franciso, designed by Handel Architects, has received LEED Silver certification. [29] In early 2024, the owner reached a loan modification agreement that included a $10.5 million payment, with continued ownership contingent on meeting revised terms. [12]

At 10 Van Ness (10 South Van Ness Avenue) in the Hub District, plans have included alternatives ranging from two 41-story towers with retail space to a taller single-tower option; the proposal has undergone multiple revisions over time. [30] Crescent Heights filed a 2024 redesign to 65 stories (~755 ft) with a revised mix of 952 units. [31]

Boston

NEMA Boston is a 22-story, 414-unit residential apartment complex at 399 Congress Street in the Seaport District built on a parcel of land purchased for $36 million in 2016. [32] [33] The complex was subsequently sold to KKR in 2021 for $332 million. [34]

Los Angeles

At 1045 South Olive Street in Downtown Los Angeles, the city approved a 70-story, up to 794-unit mixed-use tower with a maximum height of roughly 810 feet. [35] [36]

Ten Thousand, a 40-story, 283-unit tower at 10000 Santa Monica Boulevard designed by Handel Architects, achieved LEED Gold certification in 2018. [37] [38]

In Koreatown, the company proposed a 34-story residential building with 297 units at 3100 Wilshire Boulevard, which incorporates preserved elements of a 1930s structure. The project remained entitled following the denial of an appeal in August 2024. [39] [40]

The firm is also involved with the Hollywood Palladium preservation effort and a related plan for two approximately 30-story mixed-use buildings totaling 731 market-rate residential units and 24,000 square feet of retail on Sunset Boulevard. [41]

In Beverly Hills, Crescent Heights filed a Builder’s Remedy proposal for a high-rise at 8844 Burton Way. Initially presented in early 2024 as a 20-story structure with about 200 apartments, the project was revised in 2025 to a 26-story design by Large Architecture. [42]

Orange County

In April 2025, Crescent Heights bought into the South Coast Metro submarket in Santa Ana in a transaction reported at approximately $240 million (about $686,000 per unit). [43]

Miami

In 2017, at 600 Alton Road in Miami Beach, the company started a project that included 500 residential units, 60,000 square feet of commercial space, and a three-acre public park. [44] [45]

In Edgewater/Midtown Miami, Crescent Heights developed the 39-story Forma Miami (formerly NEMA Miami), totaling 588 rental units and more than 50,000 square feet of retail. [46] The project was capitalized with a $224 million construction loan in 2022; [46] [47] topped off in 2023, and includes a Whole Foods Market that opened on June 26, 2025 at 2910 Biscayne Boulevard. [48] [49] In October 2025, Walker & Dunlop arranged a $238.4 million agency refinancing for Forma Miami. [50]

Atlanta

In Buckhead, Crescent Heights started converting the high-rise at 2460 Peachtree Road (built 1984) from apartments to condominiums, rebranding the property as Panorama. [51]

Former projects

Crescent Heights assembled and entitled a two-tower site at 1901 Minor Avenue in the Denny Triangle and sold it to Concord Pacific in August 2019 for $72 million. [52] The separate 4th & Columbia (4/C) downtown site has been entitled for a very tall tower; the property was listed for sale in 2024, and as of late 2025, no construction activity or development timeline has been publicly announced. [53] [54]

Notable earlier activity

The firm’s 2005 conversion of the Ala Moana Hotel into a condo-hotel is documented by state filings and local press, with the condominium registration becoming effective on July 7, 2005. [55] [56]

See Also

References

  1. ↑ "Company Overview of Crescent Heights, Inc". Bloomberg Business. Retrieved December 7, 2017.
  2. ↑ "NEMA Chicago - The Skyscraper Center". www.skyscrapercenter.com.
  3. 1 2 Balbi, Danielle (2017-01-30). "Bank of China Lends $390M for Luxury Los Angeles Rental Tower". Commercial Observer. Archived from the original on 2025-06-19.
  4. 1 2 Semple, Kirk (April 6, 1994). "Hot Properties". Miami New Times. Retrieved December 10, 2017.
  5. 1 2 Gallun, Alby (2019-07-01). "Unfinished South Loop skyscraper scores $340 million loan". Crain's Chicago Business. Archived from the original on 2025-04-19.
  6. ↑ Galvan, Abraham (2025-05-07). "Russell Galbut: Developing his ownership-based Crescent Seas cruise line - Miami Today". www.miamitodaynews.com. Archived from the original on 2025-05-08.
  7. ↑ Karmin, Craig (2011-04-18). "Project Comes Back to Life". Wall Street Journal. ISSN   0099-9660. Archived from the original on 2024-09-07.
  8. ↑ "Swig Equities buys 25 Broad Street". The Real Deal. 2005-09-07. Archived from the original on 2025-06-12.
  9. ↑ Gomes, Andrew (2004-07-21). "Ala Moana Hotel bought | The Honolulu Advertiser | Hawaii's Newspaper". the.honoluluadvertiser.com. Archived from the original on 2024-06-21.
  10. 1 2 Herzog, Rachel (2024-05-28). "South Loop skyscraper development site handed over to lender". Crain's Chicago Business. Archived from the original on 2025-05-15.
  11. ↑ Miller, Brian (2019-08-09). "Denny Triangle high-rise site sells for $72M, with 953 condos possible". Daily Journal of Commerce. Archived from the original on 2020-11-08.
  12. 1 2 Waxmann, Laura (2024-01-09). "Exclusive: Owner of S.F. luxury apartment complex reaches deal to stave off foreclosure". San Francisco Chronicle. Archived from the original on 2024-10-08.
  13. ↑ "1045 S. Olive Street | Urbanize LA". Urbanize Los Angeles. Archived from the original on 2025-04-21.
  14. ↑ Bandell, Brian (2025-06-09). "Company sells former Miami headquarters for $42 million". South Florida Business Journal. Archived from the original on 2025-06-10.
  15. ↑ Gallun, Alby (September 23, 2015). "76-story apartment tower proposed in South Loop". Crain’s Chicago Business. Retrieved December 10, 2017.
  16. ↑ Gallun, Alby (March 15, 2015). "Miami developer loads up on more downtown apartments". Crain’s Chicago Business. Retrieved December 10, 2017.
  17. ↑ Rockett, Darcel (February 8, 2019). "South Loop's building boom: A look at 3 residential towers set to open soon". Chicago Tribune . Retrieved February 19, 2019.
  18. ↑ Koziarz, Jay (2019-07-17). "A peek inside NEMA Chicago, the city's tallest rental building". Curbed Chicago. Archived from the original on 2019-07-17.
  19. ↑ Kamin, Blair (2019-12-09). "Column: NEMA, city's tallest rental high-rise, reinterprets Willis Tower in one of the finest efforts of Chicago's current building boom". Chicago Tribune. Archived from the original on 2025-07-23.
  20. ↑ "Winners | CTBUH Awards". 2021-05-20.
  21. ↑ "World's Best Tall Buildings Announced". The Urban Developer.
  22. ↑ Ori, Ryan (2023-06-17). "Miami Firm Pays $173 Million for Chicago Apartments, Highest Price in City in Almost Two Years". CoStar. Archived from the original on 2023-06-19.
  23. ↑ Kugler, Lukas (2024-01-30). "City Council approves mixed-use tower at 420 N. May". Urbanize Chicago. Archived from the original on 2025-06-15. Retrieved 2025-12-12.
  24. ↑ "Crescent Heights surrenders South Loop development site". The Real Deal. 2024-05-28. Archived from the original on 2024-05-28. Retrieved 2025-12-12.
  25. ↑ Ori, Ryan (2020-12-07). "Huge apartment towers pitched for South Loop, Near West Side despite uncertainty for downtown Chicago". Chicago Tribune.
  26. ↑ Koziarz, Jay (2020-12-08). "Developer Plans Massive 47-Story Apartment Tower East Of Kennedy Expressway". Block Club Chicago.
  27. ↑ "Crescent Heights to buy site for second Mid-Market highrise project". San Francisco Business Times. Retrieved December 10, 2017.
  28. ↑ Ghigliotty, Damian (April 17, 2015). "Crescent Heights to Refinance NEMA Complex With $390M Bank of China Loan". Commercial Observer. Retrieved December 10, 2017.
  29. ↑ "SF: NEMA Brings Luxury Rentals to Mid-Market". Haute Living. Retrieved December 10, 2017.
  30. ↑ "Exclusive first look: Two 400-foot S.F. towers land at prime Mid-Market spot". San Francisco Business Times. Retrieved December 10, 2017.
  31. ↑ Waxmann, Laura (2024-10-02). "Long-stalled S.F. housing tower to grow even taller in bid for feasibility". San Francisco Chronicle. Archived from the original on 2024-10-02.
  32. ↑ Acitelli, Tom (July 17, 2017). "Seaport District's 399 Congress Street now under construction". Curbed Boston. Retrieved December 10, 2017.
  33. ↑ "Twin-tower Development Site in Denny Triangle Sells for $72M | Kidder Mathews". Kidder Mathews. 2019-08-08. Archived from the original on 2021-06-18. Retrieved 2025-12-12.
  34. ↑ Martinez, Andrew (2021-07-12). "KKR Buys Seaport Residential Tower For $332M". Bisnow. Archived from the original on 2021-07-14. Retrieved 2025-12-12.
  35. ↑ "1045 Olive Project | Los Angeles City Planning". planning.lacity.gov. Archived from the original on 2025-09-15. Retrieved 2025-12-12.
  36. ↑ Sharp, Steven (2021-05-13). "Finally: L.A. City Planning Commission approves 70-story DTLA tower | Urbanize LA". la.urbanize.city. Archived from the original on 2022-06-29. Retrieved 2025-12-12.
  37. ↑ "Ten Thousand in Los Angeles is now LEED Gold". Handel Architects. Retrieved May 29, 2018.
  38. ↑ Khouri, Andrew (January 29, 2016). "Apartment builders woo the wealthy with over-the-top services". Los Angeles Times. Retrieved December 10, 2017.
  39. ↑ Sharp, Steven (2024-08-22). "Proposed apartment tower clears a hurdle at 3100 Wilshire Boulevard in Koreatown". Urbanize LA. Archived from the original on 2024-08-22. Retrieved 2025-12-12.
  40. ↑ "Crescent Heights beats appeal on highrise apartments in Koreatown". The Real Deal. 2024-08-26. Archived from the original on 2024-08-26. Retrieved 2025-12-12.
  41. ↑ Cornfield, Greg (March 16, 2016). "Palladium project clears hurdle". Beverly Press. Retrieved January 15, 2018.
  42. ↑ Sharp, Steven (2025-08-25). "Revised plan emerges for Beverly Hills high-rise at 8844 Burton Way | Urbanize LA". Urbanize Los Angeles. Archived from the original on 2025-08-25. Retrieved 2025-10-27.
  43. ↑ "Miami-based investor buys into OC's South Coast Metro for $240M". The Real Deal. 2025-04-08. Archived from the original on 2025-04-08. Retrieved 2025-12-12.
  44. ↑ "Crescent Heights Launches Website For 500-Unit 'Made In South Beach' Project". The Next Miami. Retrieved December 31, 2017.
  45. ↑ Kallergis, Katherine (June 7, 2017). "Crescent Heights lists development site on Alton Road for $9M". The Real Deal. Retrieved December 10, 2017.
  46. 1 2 Echikson, Julia (2022-04-04). "Crescent Heights Lands $224M From Blackstone to Build in Miami's Edgewater". Commercial Observer. Archived from the original on 2025-08-04.
  47. ↑ Kallergis, Katherine (2022-04-01). "Russell Galbut's Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project". The Real Deal.
  48. ↑ Frank, Gabriel (2023-09-11). "Crescent Heights Tops Off Miami Luxury High-Rise". Multi-Housing News. Archived from the original on 2023-09-25. Retrieved 2025-12-12.
  49. ↑ "New Whole Foods Market in Miami, Florida, Now Open". Whole Foods Market. 2025-06-26. Archived from the original on 2025-06-27. Retrieved 2025-12-12.
  50. ↑ Williams, Taylor (2025-10-20). "Walker & Dunlop Provides $238.4M Agency Refinancing of Mixed-Use Apartment Building in Miami". REBusinessOnline. Archived from the original on 2025-10-27. Retrieved 2025-12-12.
  51. ↑ Ward, Janelle (2025-09-22). "Condo conversion progresses at decades-old Buckhead apartment tower". Atlanta Business Chronicle. Archived from the original on 2025-09-23. Retrieved 2025-12-12.
  52. ↑ Miller, Brian (2023-06-23). "New architect and fresh signs of life at 1901 Minor — now taller and with more units". Daily Journal Commerce. Archived from the original on 2023-06-06. Retrieved 2025-12-12.
  53. ↑ Bhatt, Sanjay (February 24, 2016). "Plans for 101-story Seattle super-tower scaled back". Seattle Times. Retrieved December 10, 2017.
  54. ↑ Trumm, Doug (2024-06-12). "County's Plan for Redeveloping Downtown Campus Still Shrouded in Mystery » The Urbanist". The Urbanist. Archived from the original on 2024-06-12. Retrieved 2025-12-12.
  55. ↑ Gomes, Andrew (2004-07-21). "Ala Moana Hotel bought - The Honolulu Advertiser - Hawaii's Newspaper". the.honoluluadvertiser.com. Archived from the original on 2004-07-23. Retrieved 2025-12-12.
  56. ↑ "Ala Moana Hotel nears completion of renovation". Pacific Business News. Retrieved December 10, 2017.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.