Developers David Martin and Russell Galbut announced this week that they have secured financing for their Five Park development at 500 Alton Road at one of the gateways to Miami Beach. While construction is already underway on the three-acre City park in the 600 and 700 blocks of Alton, the developers expect to break ground on the 48-story luxury residential tower next month.
The tower will contain approximately 280 residential units with a mix of two-, three-, and four-bedroom residences and penthouses. It is designed by Arquitectonica with interiors by Gabellini Sheppard. At 519 feet, Five Park will be the tallest building in Miami Beach upon its completion in 2023.
Construction is being funded through a $345 million loan led by Blackstone and funds managed by Apollo Global Management.
“Miami Beach is well-positioned for long-term growth as a global gateway city, with continued demand coming from both foreign and domestic buyers,” David Martin, CEO of Terra, said in the announcement.
“This exciting development reflects our team’s commitment to design excellence and connectivity in one of South Florida’s most walkable neighborhoods, catering to residents who want to live steps away from Miami Beach Marina, beautiful inland waterways, parks and countless shopping, dining and entertainment options,” according to Russell Galbut, Chairman of GFO Investments and Managing Principal and co-owner of Crescent Heights.
The tower will feature an amenity deck with two swimming pools, a restaurant, sunset viewing lounge areas, a resort-style spa, and a state-of-the-art fitness center with outdoor exercise areas. A gourmet café will be located in the grand lobby. There will also be a Sky Club lounge with a second fitness center, a private dining room, and a building concierge offering in-room dining and other specialized services for residents.
In addition to the public park and tower, the final phase of the development involves installation of a pedestrian bridge across 5th Street designed by internationally renowned artist Daniel Buren. Construction is expected to begin in 2022.
As we reported earlier this month, Galbut has also initiated discussions around the potential to expand the City park, building a Class A office building on the site of the Community Health Center in the 700 block of Alton and building a new health facility across Alton Road.
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