Pre-Sales Begin for Five Park Luxury Tower at Gateway to Miami Beach

Susan Askew
Susan Askew

Pre-Sales Begin for Five Park Luxury Tower at Gateway to Miami Beach:

Prices start at $2.5 million

Developers David Martin and Russell Galbut have begun the sales process for 98 luxury residences at Five Park, a 519-ft tower that will be the tallest building in Miami Beach when completed. The sales package highlights bay and ocean views, private porte-cochere drop-off and lobby and high-end amenities that include a dining room, wellness lounge, and spa. Prices start at $2.5M. 

“In over 45 years of developing incredible properties nothing is better than this building,” Galbut told RE:MiamiBeach. “We are extremely happy to bring Five Park to our community. It will stand as a lasting legacy and beacon at the very entry to Miami Beach.”

Overall, the tower located at 500 Alton Road is expected to have approximately 280 units. In addition to 19 floors of luxury residences, there will be three penthouse floors, 18 floors of luxury apartments and one with luxury short-term guest suites.

The 98 two-to-five bedroom fully-finished residences starting at the 27th floor range in size from 1,434 sq ft to 6,000 sq ft with elliptical floor plans with bay and ocean views. Galbut said the number of units could decline as some may people decide to purchase two units and convert to one.

An amenity level on the 6th floor includes two pools, a sunset terrace, gym, spa, pool bar & café. The Canopy Club on the 26th floor is a private owners-only club featuring a private dining room, a clubroom den, wellness lounge, spa, and in-house personal trainer and wellness coach.

Building amenities include a co-working area with private offices and board rooms, children’s learning lab & teen club, a screening room, and a private Beach Club located South of Fifth with lounge chairs, umbrellas and towel service. Transportation will be provided to the Beach Club via electric Moke vehicles.

Galbut said groundbreaking is anticipated in the next two weeks.

Martin’s Terra and Galbut’s GFO Investments are developing the project which includes retail, a 3-acre public park, and a pedestrian bridge over Fifth Street connecting the baywalk north and south designed by artist Daniel Buren. In March, the developers announced a $345M loan led by Blackstone and funds managed by Apollo Global Management to finance the project.

Construction is underway on Canopy Park in the 600 block of Alton Road contains above- and below-ground resilient infrastructure, a MONSTRUM Playground, outdoor gym, picnic areas, dog park, shaded gardens, and art installations. It is expected to be completed this summer.

In addition to Martin and Galbut, the team includes:

Architect: Arquitectonica
Interior Architect: Gabellini Sheppard
Design Director: Anda Andrei
Park Design: ArqGEO, West 8
Canopy Bridge Design: Daniel Buren

 
Residential tower as viewed from adjacent 3-acre park

 
 
 

 
Residential tower as viewed from the ocean

 
Private resident porte-cochere

 
 
Interiors designed by Gabellini Sheppard

 
 
Pedestrian bridge designed by Daniel Buren

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