Developers Terra, GFO Investments and New Valley will begin construction on its 48-story community, which is expected to be Miami Beach’s tallest building, in April.
The developers were able to break ground on its residential project Five Park after receiving a $345 million construction loan that was led by Blackstone with funds managed by Apollo Global Management. The three developers have tasked Moss Construction to build the community, which is expected to be complete 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 high and will offer approximately 280 units in two-, three- and four-bedroom floorplans, with penthouse options, ranging in size from 1,400 to 6,000 square feet. Five Park will be built with an amenity deck that includes a restaurant, spa, fitness center, two swimming pools and lounge areas. The community’s lobby will also have a cafe, lounge, another fitness center, private dining room and a building concierge.
The project also calls for the construction of Canopy Park, a 3-acre park on the same street as Five Park. The park broke ground in July 2020 and is expected to be open in summer 2021. Once completed, the park will feature an outdoor gym, dog run, children’s playground, public art displays, open green spaces and pedestrian and bike paths.
The site plans also call for a third phase that will see the creation of the Miami Beach Canopy, a pedestrian bridge that spans Fifth Street. The canopy was designed by Daniel Buren and is expected to start work in 2022.
MORE DEMAND 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 coming from both foreign and domestic buyers. Martin told Multi-Housing News that the combination of the dwindling single family home inventory and the migration of wealth into the area from out-of-market residents is creating the demand within Miami Beach.
Elsewhere in the state, the Miami-based Terra has developed more than five million square feet of residential, commercial and mixed-use projects in the South Florida region. In August 2020, Terra and its development partner Related Group opened its 66-unit community also in Miami.