Russell Galbut.
Russell Galbut
Managing principal at Crescent Heights and chairman at GFO Investments
Russel Galbut has been buying up South Florida real estate for decades, mostly on the cheap. Many of those properties are today considered quite valuable — and Galbut is looking to cash in in a big way.
Take Miami Beach. Galbut, who heads development firm Crescent Heights and his family office GFO Investments, has filed plans for eight projects, many along the coveted Alton Road and Collins Avenue. The developer is seeking density hikes, thanks to Florida’s Live Local Act, which requires municipalities to approve projects if they set aside workforce housing units.
While the City of Miami Beach has yet to greenlight the applications (Galbut is not alone there), he’s no stranger to a fight (and to winning). He overcame fierce opposition to gain approval for Five Park. The 48-story condo tower, which Galbut completed late last year in partnership with Terra (another Power South Florida 2025 entry), sits on a site at the gateway to South Beach that Galbut has owned since 2004. The joint venture has already paid off the $345 million construction loan from Blackstone. The high-rise is now one of the tallest in the city.
Across the Biscayne Bay, Galbut hasn’t sat idle either, and remains one of the biggest developers in the region. Last year, he completed the Gale Hotel & Residences, a 51-story, 688-unit, mixed-use tower in Downtown Miami, and paid off its $213 million construction loan from Bank OZK.
Another major project in Miami could be underway. GFO Investments has bid $52.3 million for the historic Dade County Courthouse in Downtown Miami, which it plans to turn into a mixed-use building.
