Galbut Reportedly Drops Live Local Projects in Miami Beach

The Real Deal reported on Oct. 13 that Russell Galbut has nixed Live Local Act projects in Miami Beach. We could not read the full text, so this report relies on its headline and our own records. Galbut leads Crescent Heights and the family office GFO Investments.

Why it matters

The Live Local Act lets developers claim extra density if they set aside workforce housing, and cities must approve qualifying plans. Commercial Observer reported in March that Galbut had filed about eight such projects, many along Alton Road and Collins Avenue. A retreat by the most active filer is a signal on how the state law is playing out in Miami Beach.

We have not confirmed which projects were scrapped, how many units were involved, or when any withdrawal was filed. Treat the outlet’s account as its own until the city’s records show it.

The numbers

Galbut’s Live Local filings on the record include three Miami Beach applications we pulled:

• PB24-0712 at 1575 Alton Rd. The Property Appraiser lists ARRP Miami IV LLC as owner of a retail property assessed at $5.31 million for 2026. It sold on Dec. 29, 2015 for $10 million.
• PB24-0688, with a companion file LLA26-0002, at 810 Alton Rd. Alton Hostel LLC owns a hotel assessed at $4.01 million, bought in 2013 for $4.656 million.
• PB24-0689 at 42 Collins Ave. 42 Collins Avenue LLC, in care of TL Management, owns an assisted living property assessed at $27.61 million, bought May 1, 2018 for $30.75 million.

Combined, the three parcels carry about $36.9 million in assessed value against roughly $45.4 million in past purchase prices. We do not claim these are the three projects The Real Deal says were dropped.

What’s next

Watch the city’s planning dockets for withdrawal notices on these file numbers. Galbut’s other plays continue, including the 70-story tower proposal near the Miami courthouse. For more local coverage, see South Florida.