Developers Terra, GFO Investments and New Valley will begin construction on its 48-story community, which is slated to be the tallest building in Miami Beach, in April.
Developers were able to break new ground on its Five Park residential project after receiving a $ 345 million https://oakparkfinancial.com/ construction loan led by Blackstone with funds managed by Apollo Global Management. The three developers commissioned Moss Construction to build the community, which is expected to be completed in 2023. The project team also includes Arquitectonica, who designed the community, and Gabellini Sheppard, who designed the interiors.
The community at 500 Alton Road will reach 519 feet in height and offer approximately 280 units in two, three and four bedroom floor plans, with penthouse options, ranging in size from 1,400 to 6,000 feet. squares. Five Park will be built with a leisure terrace that includes a restaurant, spa, fitness center, two swimming pools and lounges. The community lobby will also include a cafe, lounge, another fitness center, private dining room, and building concierge.
The project also includes the construction of Canopy Park, a 3-acre park on the same street as Five Park. The park was inaugurated in July 2020 and is expected to open in summer 2021. When completed, the park will feature an outdoor gym, dog track, children’s playground, public art exhibits, open green spaces and pedestrian and cycle paths.
Site plans also include a third phase that will see the creation of the Miami Beach Canopy, a pedestrian bridge that spans Fifth Street. The glass roof was designed by Daniel Buren and is expected to start work in 2022.
MORE REQUEST FOR MIAMI BEACH
David Martin, CEO of Terra, said in prepared remarks that Miami Beach should expect to see long-term growth as a global gateway city, adding that there will be continued demand from overseas buyers and national. Martin said Multi-unit news that the combination of declining single-family home inventory and the migration of wealth into the area from residents out of the market is creating demand in Miami Beach.
Elsewhere in the state, Miami-based Terra has developed more than five million square feet of residential, commercial, and mixed-use projects in the South Florida area. In August 2020, Terra and its development partner Related Group opened its Community of 66 units also in Miami.