GFO Investments, led by Russell and Marisa Galbut, has secured a $54 million construction loan from Ocean Bank to develop a groundbreaking Whole Foods-anchored retail complex at 1901 Alton Road in Miami Beach. This project marks the culmination of a decade-long vision to bring a high-quality grocery experience to one of Miami Beach’s most desirable locations.
The Historic Site and Its Transformation
From Wells Fargo to Whole Foods
The site, previously home to a Wells Fargo branch, has a rich history that dates back to 1998 when SouthTrust Bank purchased it for $1.6 million. Over the years, ownership changed hands from SouthTrust to Wachovia, and eventually to Wells Fargo. Now, GFO Investments has acquired the 1.3-acre redevelopment site for $15 million, planning a transformation that will replace the existing structure with a modern retail space that serves the community for years to come.
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What the New Development Will Offer
The proposed four-story building will be a state-of-the-art development, spanning nearly 200,000 square feet. At the heart of this retail hub will be a 38,100-square-foot Whole Foods store, strategically occupying both the ground floor and mezzanine level. In addition to the retail space, the project will provide 277 parking spaces, offering convenience to residents, shoppers, and visitors in this bustling neighborhood. The project has already received approval from the Miami Beach Design Review Board, which paves the way for its construction.
Russell Galbut’s Long-Awaited Vision
A Decade of Planning
For Russell Galbut, this development is the result of over 10 years of planning and perseverance. Initially, GFO Investments submitted plans for a Whole Foods at this location in 2015. However, due to various circumstances, the project was paused. Now, with financing secured and approvals in place, the Galbuts are ready to bring this vision to life. For Russell, it’s a personal milestone, as he has long envisioned bringing a Whole Foods to this prime location in Miami Beach.
Whole Foods Expands Its Miami Presence
New Location in Miami Beach
Whole Foods, now a subsidiary of Jeff Bezos’ Amazon, has been a major player in the retail market for years. The grocery chain currently operates a store at 1020 Alton Road, but the new development at 1901 Alton Road will provide Whole Foods with a larger space to better serve the growing Miami Beach community. This new location will be one of several for Whole Foods in Miami, including its presence in the Crescent Heights-developed Nema Miami tower in Edgewater, where it operates a 50,000-square-foot store.
Strengthening Miami’s Retail Landscape
In addition to the new Miami Beach location, Whole Foods has also made significant moves in the Miami market. Just last year, the company purchased a 97,674-square-foot commercial unit at the Met3 mixed-use tower in downtown Miami for $21 million. These moves further solidify Whole Foods’ commitment to expanding its footprint in one of the nation’s fastest-growing real estate markets.
Key Project Details
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Location: 1901 Alton Road, Miami Beach
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Developer: GFO Investments (Russell and Marisa Galbut)
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Loan Amount: $54 million (financed by Ocean Bank)
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Project Features:
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38,100-square-foot Whole Foods store
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277 parking spaces
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Over 190,000 square feet of total development space
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Site Purchase: $15 million for the 1.3-acre redevelopment site
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Whole Foods Locations:
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New Miami Beach location
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Nema Miami tower in Edgewater
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Met3 tower in downtown Miami
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Miami Beach’s New Retail Hub
The Anticipation Builds
With construction now in motion, the Miami Beach community is eagerly awaiting the arrival of this new retail destination. The project is more than just a grocery store; it’s a symbol of the continued growth and development in Miami Beach, one that will reshape the local retail landscape.
For Russell and Marisa Galbut, this project is a testament to their vision and determination. It’s a lasting legacy for GFO Investments and a significant contribution to Miami Beach’s thriving real estate market.