Crescent Heights, Inc, is an American real estate development company based in

Miami Miami is a East Coast of the United States, coastal city in the U.S. state of Florida and the county seat of Miami-Dade County, Florida, Miami-Dade County in South Florida. It is the core of the Miami metropolitan area, which, with a populat ...

Florida Florida ( ; ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders the Gulf of Mexico to the west, Alabama to the northwest, Georgia (U.S. state), Georgia to the north, the Atlantic ...

, 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 The Hollywood Palladium is a theater (building), theater located at 6215 Sunset Boulevard in the Hollywood, Los Angeles, Hollywood neighborhood of Los Angeles, California, United States. It was built in a Streamline Moderne, Art Deco style and ...

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, The firm completed the first office to residential rental conversion in

Lower Manhattan Lower Manhattan, also known as Downtown Manhattan or Downtown New York City, is the southernmost part of the Boroughs of New York City, New York City borough of Manhattan. The neighborhood is History of New York City, the historical birthplace o ...

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 The Upper West Side (UWS) is a neighborhood in the borough of Manhattan in New York City. It is bounded by Central Park on the east, the Hudson River on the west, West 59th Street to the south, and West 110th Street to the north. The Upper We ...

Manhattan Manhattan ( ) is the most densely populated and geographically smallest of the Boroughs of New York City, five boroughs of New York City. Coextensive with New York County, Manhattan is the County statistics of the United States#Smallest, larg ...

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 Lenox Hill () is a neighborhood on the Upper East Side of Manhattan in New York City. It forms the lower (southern) section of the Upper East Side, east of Park Avenue in the 60s and 70s. A significant portion of the neighborhood lies withi ...

on the

Upper East Side The Upper East Side, sometimes abbreviated UES, is a neighborhood in the boroughs of New York City, borough of Manhattan in New York City. It is bounded approximately by 96th Street (Manhattan), 96th Street to the north, the East River to the e ...

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 North Harbor Tower is a 556 ft (169m) tall skyscraper in Chicago, Illinois, US. It was completed in 1988 and has 55 floors. Fujikawa Johnson & Associates designed the building, which is the 53rd tallest in Chicago. Each window in the build ...

in Chicago, for an estimated $200 million. Per

Crain's Chicago Business ''Crain's Chicago Business'' is a weekly business newspaper in Chicago, IL. It is owned by Detroit-based Crain Communications. History The first issue of ''Crain's Chicago Business'' is dated April 17, 1978. In 1977, when Crain Communicati ...

, in 2022 the company sold a 30-story building Astoria Tower in Miami and was planning to develop a new high-rise on the northern edge of the Fulton Market District and another 47-story, 413-unit apartment tower at 640 W. Washington Blvd. In May 2020, Crescent Heights bought the West Loop site at 640 W. Washington Blvd. in Chicago from an investment firm Matthew Pritzker Co. for $20.1 million to build a 47-story tower with 413 apartments. For that purpose, Crescent Heights also acquired the 35,000-square-foot parking lot bordered by the expressway, Desplains Street, Washington Boulevard, and Court Place. The project is designed by West Loop-based Hartshorne Plunkard Architecture. To complete the NEMA Chicago tower project, the company secured a $340 million mortgage loan in 2019 to refinance a previous $328 million loan from KKR Real Estate Finance Trust. Crescent Heights recently began construction of a 39-story building, called NEMA Miami, located at 2900 Biscayne Boulevard in Miami. The firm obtained a $224 million construction loan from Blackstone for their planned mixed-use development.

Notable projects

NEMA (Chicago) NEMA Chicago (also 1210 South Indiana; formerly 113 East Roosevelt or One Grant Park) is a 76-story residential skyscraper in Chicago, Illinois in the Central Station neighborhood, of the Near South Side. The tower, built by developer Crescent ...

is a 76-story, 800-unit tower located at 1200 South Indiana in Chicago designed by architect

Rafael Viñoly Rafael Viñoly Beceiro (1 June 1944 – 2 March 2023) was an Uruguayan-born architect based in New York. He was the principal of Rafael Viñoly Architects, which he founded in 1983. The firm has offices in New York City, Palo Alto, London, Ma ...

with interiors designed by

David Rockwell David Rockwell (born July 21, 1956) is an American architect and designer. He is the founder and president of Rockwell Group, a 250-person cross-disciplinary architecture and design practice based in New York City with satellite offices in Madrid ...

that will be the tallest residential apartment tower in Chicago and tallest building in Chicago south of the

Willis Tower The Willis Tower, formerly and still commonly referred to as the Sears Tower, is a 110-storey, story, skyscraper in the Chicago Loop, Loop community area of Chicago in Illinois, United States. Designed by architect Bruce Graham and engineer F ...

. In 2012, thefirm acquired real estate for the development in the

Central Station Central stations or central railway stations emerged in the second half of the nineteenth century as railway stations that had initially been built on the edge of city centres were enveloped by urban expansion and became an integral part of the ...

neighborhood, of the

Near South Side, Chicago The Near South Side is a Community areas of Chicago, community area of Chicago, Illinois, United States, just south of the downtown central business district, Chicago Loop, the Loop. The Near South Side's boundaries are as follows: North—Roos ...

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 Handel Architects LLP is an architecture firm that was founded in New York City in 1994. Led by Partner Gary Handel, the firm has offices in New York City, Boston, San Francisco, Denver, and Hong Kong. The firm has five partners, Gary Handel, Bla ...

, and are

LEED Leadership in Energy and Environmental Design (LEED) is a Green building certification systems, green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating ...

Silver certified by the

U.S. Green Building Council The U.S. Green Building Council (USGBC), founded in 1993, is a private 501(c)(3), membership-based non-profit organization that promotes sustainability in building design, construction, and operation. USGBC is best known for its development of t ...

. 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 The Ten Thousand (, ''hoi Myrioi'') were a force of mercenary units, mainly Greeks, employed by Cyrus the Younger to attempt to wrest the throne of the Persian Empire from his brother, Artaxerxes II. Their march to the Battle of Cunaxa and bac ...

is a forty-story, 283-unit project at 10000

Santa Monica Boulevard Santa Monica Boulevard is a major west–east thoroughfare in Los Angeles County, California, United States. It runs from Ocean Avenue in Santa Monica near the Pacific Ocean to Sunset Boulevard at Sunset Junction in Los Angeles. It passes t ...

Los Angeles Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

. 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 The Columbia Center or Columbia Tower, formerly named the Bank of America Tower and Columbia Seafirst Center, is a skyscraper in downtown Seattle, Washington (state), Washington, United States. The 76-story structure is the tallest building in ...

, and would be the tallest skyscraper in the Pacific Northwest. The building will be designed by

LMN Architects LMN is an American architecture firm based in Seattle, Washington. The company was founded in 1979, and provides planning and design services to create convention centers, cultural arts venues, higher education facilities, commercial and mixed ...

. 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.

Awards

*The Decoplage won South Florida Business Journal's 1993 Renovation and Rehabilitation Project of the Year Award. *In 2006, Crescent Heights was named the Freddie Mac Multifamily Development Firm of the Year by the

National Association of Home Builders The National Association of Home Builders (NAHB) is one of the largest trade associations in the United States, representing the interests of home builders, developers, contractors, and associated businesses. NAHB is headquartered in Washington, D ...

. *In 2013, Burnham Pointe won a Chicagoland Apartment Marketing and Management Excellence (CAMME) Property Excellence Award for "Best Mid-Rise/High-Rise" built between 2008 and 2012. *In 2014, NEMA won Best New Development of the Year by the San Francisco Apartment Association, the IBcon Digie Award for Most Intelligent Building, Market Rate Rental Project of the Year by the San Francisco Business Times. *In 2015, NEMA won the Alliant Build America award and the Best Amenities of the Year award by the San Francisco Apartment Association. Jasper received the Market-Rate Residential Deal of the Year Award by the San Francisco Business Times and the Best New Development award from San Francisco Apartment Association. *In 2016, Jasper won the Concrete Reinforcing Steel Institute HONORS Design and Construction Award for Structural Excellence. *In 2017,

received the 47th Annual Los Angeles Architectural Award by Los Angeles Business Council. *In 2021, the company's NEMA (Chicago) skyscraper received the Award of Excellence of the

Council on Tall Buildings and Urban Habitat The Council on Tall Buildings and Urban Habitat (CTBUH) is an international body in the field of tall buildings, including skyscrapers, and Sustainable design, sustainable urban design. A non-profit organization based at the Monroe Building in ...

(CTBUH) in the category Best Tall Building 200–299 meters.

References

External links

* {{DEFAULTSORT:Crescent Heights Companies based in Miami Companies established in 1989 1989 establishments in Florida Real estate companies of the United States