Real Estate News

A 22-story tower in North Beach moves closer to construction

Developers behind the  project, 72nd and Park, will break ground soon and expect to complete the project within the next three years.
Developers behind the  project, 72nd and Park, will break ground soon and expect to complete the project within the next three years. Arquitectonica

Efforts to redevelop North Beach got a boost Wednesday when the Miami Beach Design Review Board approved plans for 72nd and Park, a 22-story mixed-use tower.

Russell W. Galbut, founder of Crescent Heights, and Matis N. Cohen, managing principal of Kahunah Properties, are partnering on the project at 7145 Carlyle Ave.. They said they expect to break ground within the next 12 months and complete the project in three years. The project has been designed by Arquitectonica.

“It will bring about a Renaissance,” said City of Miami Beach Vice Mayor Ricky Arriola. The project is expected to attract more residents, retail and restaurant options and office spaces, he said.

Also on the books are a pair of proposals to redevelop the old city-owned Byron Carlyle Theater, now used by O Cinema, and a luxury condo tower that’s part of a broader redevelopment of the two-block-long Ocean Terrace. The city is evaluating two bids for the Byron Carlyle site, including a proposal by Galbut and Cohen centered around workforce housing, and another by Pacific Star Capital that calls for mostly hotel use.

Plans for the 72nd Street project call for units accessible at a variety of price points, though developers haven’t yet decided whether those will be condos or rentals, Arriola said.

The multi-family tower — measuring 450,000 square feet — will house 283 units. The City of Miami Beach will allow 121 of those to be rezoned as micro units of 450 square feet; the remainder will range from studios to three-bedrooms measuring 1,400 square feet.

“We are going to have a scaled-down version of Midtown. Millennials will be coming to this project since residential units are designed for permanent, working residents,” said Arriola.

The building will include about 12,500 square feet of retail and restaurant space on the ground floor. Amenities will include a rooftop terrace and parking.

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Rebecca San Juan writes about the real estate industry, covering news about industrial, commercial, office projects, construction contracts and the intersection of real estate and law for industry professionals. She studied at Mount Holyoke College and is proud to be reporting on her hometown.
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