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1501 Galbut

Cashflow In Miami
August 22, 2021

1501 Collins ave , SOBE

Will Galbut succeed in office -coversion of Bancroft hotel?

Russell Galbut is looking to revive the shuttered Bancroft Hotel and an attached commercial building in South Beach as offices and restaurant space.

The hotel’s ground floor, which previously was home to Quality Meats, would feature a new restaurant. The attached commercial building, known as Ocean Steps, would be renovated to house one centrally located restaurant with indoor and outdoor dining and two smaller restaurants: a cafe and sushi bar.

Penn said the suites portion of the Bancroft would only be open to members, who will also have access to food and beverage services provided by the hotel. The proposed restaurant at the Bancroft would have 194 interior seats and 81 outdoor seats, while the one in the Ocean Steps building would have a total of 292 seats inside and outside. The cafe and sushi bar would have a combined 308 seats.

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