Generation Developer Russell Galbut on Turning South Florida Into a Real Estate Dreamworld

Russell Galbut isn’t just building buildings — he’s building communities. And not just any communities, but ones steeped in design, innovation, and lifestyle. As the co-founder of Crescent Heights and GFO Investments, and a fixture in Miami’s development landscape for over 50 years, Galbut’s vision stretches far beyond steel and glass. From landmark projects like Forma to transformative undertakings such as the Galleria Mall redevelopment, Galbut is shaping what the future of urban living looks like — in South Florida and beyond.

“We build magical places,” Galbut says matter-of-factly. And as the conversation unfolds, it’s clear that for him, “magical” isn’t just a marketing buzzword — it’s a philosophy.

Crescent Heights: From the Beach to the World

Raised in Miami Beach and a seventh-generation Floridian on his mother’s side, Galbut’s roots are as embedded in the city as the foundations of his early projects. His real estate journey began with a front desk clerk job at the Fontainebleau Hotel and evolved into a legacy of luxury through Crescent Heights, now a best-in-class residential developer across America’s gateway cities.

Crescent Heights’ DNA is built on architectural detail, curated art, cutting-edge technology, and what Galbut calls “lifestyle amenities” — offerings that turn residences into full-service sanctuaries. “When you're in our property, it’s almost like you're in a hotel,” he explains. “You want a meditation room? We got it for you. Private chef dinner on the pool deck? Done. Whole Foods at your doorstep? That’s an amenity.”

And Galbut means it literally. Projects like Forma and the Alton Road development are anchored by high-end grocers, with Whole Foods serving as a centerpiece of his community-first approach. “You can’t build a community without the right grocer,” he says. “It’s not just about the food — it’s about connection, convenience, and lifestyle.”

Miami Beach vs. Miami: A Tale of Two Cities

While Galbut has found fertile ground for development in many places — Miami, Fort Lauderdale, Los Angeles, and New York among them — he’s candid about the hurdles in his hometown of Miami Beach.

“Miami embraces the development community. Dade County works with us. But Miami Beach… it's the only municipality in the county actually losing residents,” Galbut states. “There’s been resistance to development, and it’s hurt the city — traffic, affordability, housing. You can't build community when you don't work with builders.”

But there are glimmers of hope. After a decade-long wait, Crescent Heights secured approval to build a new, flagship Whole Foods and residential project on Alton Road — a development Galbut believes will reinvigorate the corridor and offer a model for how private-public partnerships can lead to transformative change.

Forma: Where Design Meets Data

One of Galbut’s crown jewels, Forma, encapsulates his ideology — that great real estate is a fusion of design, technology, and hospitality. Originally conceptualized as condos, Forma evolved into a luxury multifamily project, retaining its high-end finishes and services.

What sets it apart? Its custom-built digital ecosystem. “Our app is unlike anything in the market,” says Galbut. “You can find a pickleball partner, schedule laundry delivery, even arrange for groceries to be in the fridge before your mother arrives. It’s not just smart tech — it’s lifestyle infrastructure.”

And as Galbut puts it, “there’s nothing like Forma that’s ever been built in South Florida.”

Galleria Mall: The Next Worldcenter?

If Forma is the polished jewel, then the Galleria Mall project is its moonshot.

Acquired in partnership with seasoned retail executive Sandeep Mathrani, the 32-acre site in Fort Lauderdale is larger than the famed Miami Worldcenter. “It’s going to be a 24-hour community — high-end residences, curated retail, and world-class restaurants,” Galbut explains. “This was the hole in the donut. Now we’re filling it with something transformational.”

Galbut is keen on public collaboration here too. “We’re not asking for handouts. We’re asking for streamlining,” he says. “The community wants this mall saved. And we have the vision — and the partners — to do it.”

Crescent Seas: A New Horizon

Never one to stand still, Galbut is venturing beyond land entirely. With Crescent Seas, he’s bringing his philosophy of luxury residential living to the water — a floating residence concept informed by his two-decade tenure on the Norwegian Cruise Line board.

“If 71% of the Earth is water, why not build residences at sea?” Galbut asks. “It’s the next logical progression.” Combining the opulence of Crescent Heights properties with maritime mobility, Crescent Seas reflects Galbut’s drive to innovate where others hesitate.

On Partnership, Legacy, and Building with Purpose

At the heart of Galbut’s empire is partnership — with fellow developers, cities, and communities. “You can’t build anything meaningful alone,” he insists. Crescent Heights has long collaborated with other top firms like Related Group, Terra, and David Martin’s teams. “We respect each other. We know that what’s good for one is good for all.”

This belief carries into his thoughts on public infrastructure, especially transit. He speaks passionately about the Brightline and Miami’s evolving mobility ecosystem. “New York didn’t explode until they got their trains,” he points out. “Now, Dade, Broward, and Palm Beach — they’re blending together into a unified region. That’s the future.”

And while Galbut is bullish on South Florida, he’s also honest about its challenges — especially affordability. “Live Local is the best law I’ve seen in 50 years. It addresses speed to permit, affordability, and traffic — the three key factors threatening our growth.”

The Bottom Line: Build Beautifully, Build Better

At 73, Russell Galbut shows no signs of slowing down. Whether it’s a high-rise in North Beach (72 Carlyle), a mall-turned-metropolis (Galleria), or a floating condo at sea (Crescent Seas), his mission remains clear: to build beautiful, forward-thinking communities that enhance the cities they serve.

“Cities don’t build communities,” he says. “The building community builds the city — if they’re allowed to work together.”

And in that ethos — collaboration, innovation, and care — lies the magic that makes Crescent Heights stand out in a crowded skyline.