Crescent Heights (company)
Crescent Heights, Inc, is an American real estate development company based in Miami, Florida, with offices in Chicago, New York, Los Angeles and San Francisco. The firm specializes in the development of residential and mixed-use properties, office buildings and hotels. The firm is involved in the historic preservation of the Hollywood Palladium in Los Angeles, also developing two 30-story mixed-use buildings surrounding the venue at approximately 350 feet with 731 market-rate residential units and 24,000 square feet of retail space on Sunset Boulevard. The firm is currently developing 600 Alton Road in Miami , expected to have 500 units, 60,000 square feet of commercial space and a 3-acre landscaped public park. History. Crescent Heights was co-founded by Sonny Kahn, 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, Tthe firm completed the first office to residential rental conversion in Lower Manhattan of the Broad Exchange Building, a property initially purchased in 1994 for $5 million. The firm sold the property for $260 million to Swig Equities in 2005 . The firm 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 In February 2015, the firm sold its development site at 325 Fremont Street in San Francisco to Fulton Street Ventures for $28.5 million. Later that year,it acquired Hotel Paris on the Upper West Side of Manhattan for $150 million and bought Burnham Pointe, a 298-unit building in the South Loop. The company 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 2016, the company agreed to purchase the 55-story, 600-apartment North Harbor Tower in Chicago, for an estimated $200 million. Notable projects. NEMA (Chicago) is a 76-story, 800-unit tower located at 1200 South Indiana in Chicago designed by architect Rafael Viñoly with interiors designed by David Rockwell that will be the tallest residential apartment tower in Chicago and tallest building in Chicago south of the Willis Tower. In 2012, thefirm 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 four linked apartment towers at 10th and Market streets in San Francisco. The building is designed by Handel Architects, and are LEED Silver certified by the U.S. Green Building Council. In 2015, thefirm completed a $390 million refinancing of the property. 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. 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. In March 2018, the project was certified LEED Gold by the U.S. Green Building Council. 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. The firm bought the property, which consisted of two  parking garages, for $48.75 million in September 2015. 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, the firm bought the site on the southwest corner of Market Street and Van Ness Avenue for $58.3 million. 11th and Olive is a planned 70-story skyscraper with 794 apartments at 1045 Olive Street in Los Angeles. The firm purchased the half-acre site for $11.5 million . The tower would be the tallest residential building in Los Angeles and the third-tallest building in Los Angeles 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.