Crescent Heights sold its headquarters in Miami’s Edgewater to Trilogy Real Estate Group for $41.9 million, The Real Deal has learned.
Chicago-based Trilogy, led by Neil Gehani and Ian Kok, plans a mixed-use project with condos and apartments on the 2-acre property at 2200 Biscayne Boulevard in Miami, they said. The cash deal closed on Thursday.
The site now includes two office buildings with 45,770 square feet, 11,255 square feet of ground-floor retail space, and a 40,000-square-foot parking garage. Tenants include Granier Bakery & Cafe.
The property, with 312 feet of frontage on Biscayne Boulevard, and T6-36A-O zoning, could be developed into more than 3.2 million square feet, according to a press release from Colliers. Virgilio Fernandez of Colliers represented Crescent Heights in the sale.
It gives Trilogy the eastern half of that block. Trilogy paid $30.7 million in 2022 for the western portion, a 1.7-acre lot.
Trilogy now controls 3.7 acres. Gehani and Kok said they plan to break ground by early next year on an 834-unit residential high-rise development that will include between 60 and 80 condos. The rest of the units would be apartments. The project will likely be up to 60 stories tall. Condo sales would launch next year. Construction will begin on the western portion of the site, which is vacant.
The project would also have an automotive component. Gehani, founder and CEO of Trilogy, owns the Concours Club in Opa-locka, a members-only automotive club. Trilogy is also involved in the Concourse Club, as it owns and has developed some of the real estate, Gehani said.
“We’re planning on bringing amenities that haven’t been done in Miami,” he added, referring to an automotive component in the Edgewater project.
Trilogy doesn’t plan to take advantage of the Live Local Act, the state’s workforce housing legislation. A number of developers are filing plans for Live Local projects, which can offer projects more density and height, as well as other incentives.
The assemblage is also in an Opportunity Zone, which allows investors to defer capital gain taxes in exchange for putting their capital gains toward an Opportunity Zone project.
In Edgewater, more than 2,000 apartments across seven buildings have been completed since 2020, according to the release. Another 1,100 units are under construction and 2,300 have been proposed.
Crescent Heights paid $2.7 million for the property on Biscayne Boulevard in 2005, records show. The company, led by Russell Galbut, Bruce Menin and Sonny Kahn, recently completed Forma Miami Residences, a luxury apartment building at 2900 Biscayne Boulevard that includes a Whole Foods Market, which is expected to open later this month.
Galbut wrote via email that the company still owns more than 14 acres in the area. Crescent Heights may stay at 2200 Biscayne Boulevard for an undisclosed period of time.
“With all the other properties we own in the area we have plenty of office space to choose from, including staying where we are,” he said.
Galbut also leads his family office, GFO Investment, which opened an office at the Gale Miami Hotel and Residences in downtown Miami. In addition to his real estate projects, Galbut recently launched a cruise ship condo venture called Crescent Seas.
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