Crescent Heights (company)

Crescent Heights
Company typePrivate
IndustryReal estate development
FounderSonny Kahn
Russell W. Galbut
Bruce Menin
Headquarters
Miami, Florida
,
United States
Area served
United States
ProductsHigh-rise residential and mixed-use developments
Websitewww.crescentheights.com
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]

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 Francisco, 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.
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  4. ^ a b Semple, Kirk (April 6, 1994). "Hot Properties". Miami New Times. Retrieved December 10, 2017.
  5. ^ a b 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.{{cite news}}: CS1 maint: deprecated archival service (link)
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  10. ^ a b 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. ^ a b 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.{{cite web}}: CS1 maint: deprecated archival service (link)
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  41. ^ Cornfield, Greg (March 16, 2016). "Palladium project clears hurdle". Beverly Press. Retrieved January 15, 2018.
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  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.
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  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.
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  56. ^ "Ala Moana Hotel nears completion of renovation". Pacific Business News. Retrieved December 10, 2017.
allikas: https://en.wikipedia.org/wiki/Crescent_Heights_(company)