Life Time Signs 20-Year Lease at Crescent Heights Edgewater Site

Health club operator Life Time has signed a 20-year lease at 3180 Biscayne Boulevard in Miami's Edgewater neighborhood, according to documents filed with Miami-Dade County. The property is a 2.6-acre, full-block parcel owned by Crescent Heights, led by Russell Galbut.

The gym is expected to be part of a mixed-use project using the Live Local Act, a Florida law that speeds approvals for projects where at least 40 percent of units are workforce housing. In January, the developer filed plans for two towers with 1,307 apartments, 1,163 parking spaces and about 98,729 square feet of commercial space. The site currently holds low-rise commercial buildings.

The lease includes four five-year extension options and gives Life Time exclusive rights to run a pickleball court and group fitness classes such as cycling, Pilates, yoga and barre in one building. The developer may still build a gym of up to 4,000 square feet for residents.

Crescent Heights previously completed the 40-story Forma rental tower nearby, which includes a Whole Foods on the ground floor. The area is becoming crowded with fitness operators: Equinox signed a 31,000-square-foot lease at an Oak Row Equities high-rise a few blocks south, and Anatomy runs a 15,000-square-foot gym nearby.

For developers and financers, the deal shows that amenity tenants are being secured early in Live Local Act projects, which can shape both retail program and residential marketing.