The developers of Five Park, a 48-story residential tower coming to the entrance of South Beach at 500 Alton Road, has locked down a $345 million construction loan. The loan is the largest residential construction loan to be funded in South Florida since the pandemic took hold and is being provided by Blackstone and Apollo. Five Park is being developed by a partnership between Terra, led by David Martin, and the Galbut Family Office in partnership with New Valley. The 519-foot development will become the tallest building in Miami Beach upon its completion in 2023.
“Miami Beach is well-positioned for long-term growth as a global gateway city, with continued demand coming from both foreign and domestic buyers. Five Park is poised to become the address of choice for the City’s newest residents, offering direct pedestrian access to Canopy Park and the Miami Beach Baywalk, panoramic views across the cityscape and Biscayne Bay, and best-in-market amenities,” said David Martin, CEO of Terra.
Five Park is designed by Arquitectonica with interiors by Gabellini Sheppard. The tower will include approximately 280 residential units with a blend of condominium and multifamily residences as well as 3-acre public park. The units mix is made up of spacious two-, three-, and four-bedroom residences and penthouses. Building amenities will include 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. The tower will also feature a grand lobby with a gourmet café as well as 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.
The development also includes the construction of Canopy Park, Miami Beach’s newest public park, which broke ground in July 2020. The three-acre park, located between the 600 and 700 blocks of Alton Road, will include an array of resiliency and sustainable features along with open green spaces shaded by native tree species, pedestrian and bike paths, an outdoor gym and dog run, a MONSTRUM-designed children’s playground, and public art displays. Construction of Miami Beach’s newest world-class city amenity is currently underway and is slated for completion in Summer 2021.
Approved plans for the site also include a third phase, Miami Beach Canopy, which will encompass a signature pedestrian bridge spanning 5th Street designed by internationally renowned artist Daniel Buren and is anticipated to get underway in 2022. The Miami Beach Canopy — subtitled Walking Under, Along, and On the Colors: work in-situ by Daniel Buren — will complete the Miami Beach Baywalk, creating a safe and seamless connection running from South Pointe Park north to the Lincoln Road District and east to the beachfront. The Canopy will become an instant icon for Miami Beach and a beloved work of public art that guides pedestrians along a rainbow of colorful shadows.
The $345 million loan is the latest sign that Blackstone is going long on the Miami market following the news that the firm has purchased the office towers at 2 and 3 Miami Central in Downtown Miami for $230 million. Blackstone is planning a 200-person tech-focused office in Downtown Miami.
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