With over 35 years of experience in the real estate sector, Russell Galbut is the managing principal and co-founder of Crescent Height and the founder of GFO Investments.
Mr. Galbut has established Crescent Heights as a “best in class” developer with a proven track record in new construction and renovations. The company has been active in more than 15 major metropolitan markets across the US, developing over 50,000 residential units and pioneering innovative concepts.
This year, Mr. Galbut will celebrate his 50th anniversary of building “homes in the sky,” a milestone achievement in his career.
Raised in Miami Beach, he attended Miami Beach Hebrew Academy High School before earning a degree from the Cornell University School of Hotel Administration in 1974. Following graduation, he joined Laventhol and Horwath as a consultant specializing in real estate development and investment.
Under Mr. Galbut’s leadership, Crescent Heights has completed numerous high-profile conversion projects in Miami Beach, including the Decoplage, Shelborne, Carriage Club, Carriage Club North, Castle Beach Club, Carriage House, The Pavilion, and Casablanca. Collectively, these projects have elevated the assessed values of these properties to over $2 billion.
In addition to his real estate ventures, Mr. Galbut was a founding director and investor in Prestige Cruises, which owned Regent Seven Seas and Oceania Cruises – brands later sold to Norwegian Cruise Line Holdings (NCLH). A former chairman of NCLH, Mr. Galbut served on the board for over 23 years.
Most recently, he has spearheaded the launch of the 51-story Gale Miami Hotel & Residences in Downtown Miami and the opening of ultra-luxury residential projects Forma, 72 Park, and Five Park, also in Miami.
Under GFO Investments, Mr. Galbut recently unveiled an ambitious plan to restore and reimagine the historic Miami-Dade County Courthouse, breathing new life into one of Miami’s iconic landmarks. The proposed expansion and redevelopment, the company says, would transform the nearly century-old building into a dynamic hospitality, retail, and cultural destination, preserving its historical architectural integrity while securing its role as a vital economic engine for downtown Miami.
The plan follows GFO’s emergence as the sole bidder for the courthouse property at 73 W Flagler St. Guided by three core principles – respect, reflect, and connect – the project aims to protect the courthouse’s legacy while positioning it for the city’s next chapter.
“As the courthouse approaches its 100th year, we have a once-in-a-lifetime opportunity to honor this architectural treasure while giving it a new purpose,” Mr. Galbut said. “This building isn’t just a structure; it symbolizes Miami’s journey from a small coastal town to a global city. Our vision preserves its rich history while ensuring its continued relevance for future generations.”
Built between 1925 and 1929, the courthouse will undergo a meticulous restoration that maintains its distinctive exterior while thoughtfully repurposing its interior spaces, Mr. Galbut says. The redevelopment plan, the company says, envisions premium hospitality, office, and retail uses, activating the landmark with new energy and economic activity downtown while celebrating its historic significance. Complementing the courthouse restoration, GFO is seeking to develop a mixed-use residential tower on the north side of the parcel, featuring a blend of condominiums and rental apartments.
A signature feature of the new building is the plan for a soaring 20-foot-high lobby with direct sightlines into the restored courthouse showcasing the courthouse’s vertical pillars that it is known for.
The project also is geared to introduce new public gathering spaces and cultural venues along Flagler Street, reestablishing the corridor as a vibrant civic and economic hub.
By enhancing connectivity between Miami Worldcenter and Brickell City Centre, the redevelopment strengthens downtown’s urban core and fosters a more dynamic, walkable city, he added.
Mr. Galbut said the project is deeply personal: “Our story (the Galbut family) in Miami began in 1929, just as this courthouse opened its doors,” he said. “It’s a profound honor to now help usher this historic building into its next century.”
Mr. Galbut spoke with Miami Today reporter Abraham Galvan.
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