Terra And GFO Investments Deliver Tallest Tower in Miami Beach, Five Park Miami Beach

Miami Beach-In 2020, David Martin and Russell Galbut sat down to conceptualize a challenging yet coveted project—a parcel of land at Miami Beach’s entrance, primed for development. Driven by Terra’s commitment to resiliency and conscious design, the two developers envisioned Miami Beach’s tallest tower, featuring luxury residences, top-tier amenities and a public park designed to meet environmental and community goals. Now complete, Five Park Miami Beach, the first new luxury residential tower in Miami Beach in over a decade, delivers an unmatched product to a high-demand market, showcasing innovation and foresight while enhancing the city’s access to green spaces.

Initially proposed as a building occupying six to seven acres, the developers adapted the plan, reducing the tower’s footprint to two acres and dedicating the remaining acreage to green space. To gain additional height, they donated the adjacent three-acre Canopy Park, now open to the community.

Now complete and standing 48 stories tall at the entrance to South Beach, Five Park holds the title of the tallest tower in Miami Beach, serving as an iconic gateway to the highly coveted island community. The project showcases the elevated standard that only legacy developers can bring, conceptualized by a compilation of the greatest leaders and visionaries at every level.

“Five Park exemplifies our commitment to creating iconic developments that elevate urban living and help cities realize their full potential,” said David Martin, CEO of Terra. “This tower offers world-class amenities and exceptional design, while seamlessly integrating with Miami Beach’s cultural fabric and enhancing the area’s resiliency.”

A visionary design team of nearly a dozen icons, tastemakers, architects, designers and brands was assembled to create the most elevated residential experience from the inside and out. The team includes Arquitectonica, the lead architectural firm; New York-based firm Gabellini Sheppard for interiors; design maven Anda Andrei, who served as design director bringing her expertise from iconic projects including the Delano South Beach, Gramercy Park Hotel and more; Cultured Magazine’s Sarah Harrelson who led the art curation; and French conceptual artist Daniel Buren, whose works can be found in the Tate Modern, Palais Royal and Museum of Modern Art, for the iconic Canopy Bridge design. Interior designs for residences include models by Meyer Davis, RH, B&B Italia and Addison House.

“The design concept for the building combines every element of Miami Beach alongside a fusion of hospitality and residential features to create an incredible quality of life,” says Anda Andrei, design director of Five Park. “From the residents-only club to the landscape of the amenity deck that aim to create surprising new environments and stunning escapes at every turn, all components are creating an evolved living standard.”

Delivered in 2022, the three-acre Canopy Park serves as a “green lung” for the city, harmonizing with surrounding ecosystems and offering features like a botanical garden, interactive MONSTRUM playground, dog park, and event lawn. Designed with resilience in mind, the park includes varied topography for stormwater management, a “Dry River” bioswale system to filter rainwater, and a 25,000-gallon underground cistern for irrigation. Native plants promote biodiversity and habitat restoration, while salt-tolerant grass and a broad tree canopy enhance sustainability.

The Daniel Buren-designed Canopy Bridge, set to break ground this month, will offer pedestrian access via the 158-foot-long enclosed overhead artistic bridge connecting Five Park to the South of Fifth neighborhood for the first time.

“Five Park represents the dynamic evolution of Miami Beach," said Russell Galbut, Chairman of GFO Investments. "The tower, along with the Canopy Bridge pedestrian walkway to South of Fifth and Canopy Park, introduces a level of design and innovation that the neighborhood has not seen before. We are proud to collaborate with the city to bring these transformative experiences to our community.”

As the first tower to be delivered to Miami Beach in over a decade, it also presents a unique opportunity for brand-new, move-in-ready, luxury residences to the Miami Beach market. The advanced delivery compared to the rest of the activity for new residential development still in development, permitting or proposed phase demonstrates the developers’ unique foresight and capability to launch ahead of the rest of the market.

“Miami’s appeal grew stronger during the pandemic as families began putting greater emphasis on quality of life and more businesses embraced remote work,” said Martin. “Today, Miami is viewed as a desirable place to grow a business, raise a family and invest capital. All of this supports our thesis at Five Park, where our team of design, urban planning, and artistic visionaries are reimagining the idea of luxury living in Miami Beach.”

The tower has attracted a diverse demographic that reflects the growth of Miami’s evolving real estate landscape. Buyers for the project come predominantly from domestic markets, with strong interest from Northeastern cities such as New York, Connecticut and Boston.

Five Park Miami Beach offers 50,000 square feet of meticulously curated amenity spaces for its residents. At the heart of these amenities is The Park Club on the sixth floor, anchored by the Cafe Flora serving seasonal menus by James Beard award-winning chef Michelle Bernstein. Additionally, the amenity deck boasts a selection of pools with covered cabanas and loungers for poolside relaxation, all with sweeping city and bay views. Inside, residents can enjoy a variety of wellness, work and entertainment spaces, including a fully outfitted gym and spa, treatment rooms, a co-working area with private offices and board rooms, screening rooms and more. Residents also have their very own stretch of sand and sea with the tower’s branded beach club accessible via chauffeured Five Park Moke.

On the ground floor, residents have direct access to their backyard oasis, Canopy Park, offering a refuge from city living.

The move-in-ready residences at Five Park range from one to four bedrooms and start at $1.5 million. The tower’s unique elliptical form allows for 360-degree panoramic views of the city, beach and bay, maximizing natural light and providing residents with expansive floor plans and balconies that emphasize connectivity to the outdoors. Fully furnished model homes by RH, B&B Italia and Addison House are available for view and purchase for a turn-key experience.

Moss Construction successfully oversaw the tower’s construction, delivering the project on schedule. The firm has also recently begun work on Villa Miami, one of Terra’s latest projects in Edgewater, a luxury condo tower branded by Major Food Group as well as Jean-Georges Miami Tropic Residences in Midtown Miami.

Images via Five Park Miami Beach

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Miami Health Food Hotspot Expands To South Miami And Signs Lease To Open Second Brickell Location

Miami’s health food hotspot Pura Vida has continued their expansion with the unveiling of the brand’s latest café in South Miami and has signed a lease to open a second location in Brickell. The South Miami location marks Pura Vida’s 12th location to date, and they plan to open another Coconut Grove location in addition to the newly revealed second Brickell location.

The South Miami location opened in late September and is located just steps away from Sunset Place and the University of Miami at Pura Vida South Miami will be located at 6022 South Dixie Highway. The brand’s South Miami café spans 2,370 sq. ft. of indoor and outdoor seating and showcases Pura Vida’s iconic health-focused menu including their beloved All-Day Breakfast offerings, Bowls, Superfood Smoothies, Açai Bowls, Wraps & Sandwiches, their newly-launched Dinner Plates, and more. Additionally, to coincide with the opening, Pura Vida will be introducing a new ‘Blueberry Cake’ to be offered exclusively at the new South Miami location before rolling out store-wide.

“We are constantly amazed and humbled at how well-received our brand has been, and continues to be, in the different communities we branch into. We’ve had our eyes set on South Miami for some time now and we’re thrilled to finally be bringing this dream to fruition.” - Omer Horev, Co-Founder and CEO of Pura Vida Miami

For the second Brickell location Pura Vida recently signed a lease at 701 Brickell, one of the premier office towers in Miami’s Brickell Financial District. Marking its first location ever in a trophy office tower, Pura Vida will occupy a 5,000-square-foot space and have access to a 2,500-square-foot outdoor patio space with direct proximity to the highly trafficked Brickell Avenue and the neighborhood’s growing residential and workforce population.

JLL Managing Director, Zach Winkler, represented the ownership group, Nuveen Real Estate, in the lease negotiations. According to JLL’s Q2 Retail Outlook, Miami boasts one of the lowest retail vacancy rates in the country at 3.2% compared to other gateway markets including San Francisco, Chicago, New York City, etc.

“As demand for retail space in densely populated urban cores continues to rise, there is limited availability remaining in areas like Brickell, making this restaurant lease with an established brand like Pura Vida especially noteworthy,” said JLL’s Winkler. “701 Brickell’s premier location and high visibility makes it a top choice for food and beverage concepts looking to capitalize on a growing residential and workforce population within the neighborhood.”

Current office tenants at 701 Brickell include Bank of America, Merrill Lynch, Holland & Knight, AIG, EFG Capital, and the Greater Miami Convention and Visitors Bureau. A 7,400 square-foot waterfront retail space overlooking Biscayne Bay remains available, featuring oversized windows, 19’ ceiling heights, and the potential for outdoor space.

Founded in 2012 by husband-and-wife duo Omer and Jennifer Horev, Pura Vida was created to serve as a place for friends and family to gather and eat delicious food. The brand currently operates 12 other locations throughout South Florida, including outposts in Coral Gables, Miami Beach’s Sunset Harbour, and Fort Lauderdale, and has plans to expand outside of Florida. The restaurant, which has become hugely popular across South Florida, serves a menu that includes fresh cold-pressed juices and superfood smoothies, artisanal coffees, an extensive all-day menu comprised of breakfast items, customizable salads, bowls, wraps and sandwiches, in addition to dinner items and a wide variety of gluten-free and vegan sweet treats.

Electra America and BH Group Reveal Plans for $1 Billion Redevelopment of 80-Acre Southland Mall Site In Cutler Bay

Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, have revealed preliminary plans for the redevelopment and reinvention of the Southland Mall in Cutler Bay, located approximately 20 miles south of downtown Miami. The 80-acre, $1 billion redevelopment will be one of the largest projects of its kind in the Southeast and will be called “Southplace City Center.” The reinvention of the Southland Mall into “Southplace City Center,” a vibrant, mixed-use transit-oriented community with live-work-play options, promises much-needed relief for a city suffering from a major housing shortage

The new ownership team envisions a “city within a city” for living, working, shopping, and playing that will feature more than 4,000 residential units, over 500,000 square feet of curated retail, and exciting dining and entertaining venues at the existing mall, with an additional 150,000 square feet of prime retail space and outparcels for food and beverage operators. The phased redevelopment project will be a charming, self-contained community with abundant green space, bike and golf cart trails, walking trails, a trolley system, and easy access to public transit – specifically, the soon-to-open Miami-Dade SMART Plan mass transit route adjacent to the property.

The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs and generate $44 million in property taxes ad valorem revenue in the first five years ($6.1 million to Cutler Bay), and up to $491 million ($75.2 million to Cutler Bay) over a 20-year period. The developer’s plan is in accordance with the Town’s code and will not be seeking any special approvals.

“We’re delighted to work with the Town of Cutler Bay and its residents to breathe new life into a property that has been underutilized for decades, and in so doing, create thousands of new jobs, as well as help alleviate the housing crunch facing many Miami-Dade residents today,” said Ron Gaither, Chief Development Officer of Electra America. “Southplace City Center will provide a wide range of market-rate housing options, and its location close to major thoroughfares and mass transit, yet away from residential communities, minimizes traffic and facilitates the use of public transportation – two key priorities for this community. We’re looking forward to continuing working with the community to ensure this project reflects the values and character of Cutler Bay.”

“The future of this site is one that our residents deeply care about,” expressed Town of Cutler Bay Mayor Tim Meerbott. “Ensuring that this project aligns with our community’s vision and has a proper mix of use is extremely important to the Town Council and me. The site is ready for change and this project will check so many boxes on our community’s wish list—thousands of jobs, more restaurants, entertainment, and a fresh look, to name a few. We look forward to working with Electra America and BH Group to bring this important project to life, while keeping it consistent with the character of our beautiful Cutler Bay.”

The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. The site is conveniently bordered by the Florida Turnpike on the east and U.S. 1 on the west, placing it on major commercial crossroads in suburban Miami-Dade County, directly along the new South Corridor Rapid Transit Project, expected to open in late 2024. The corridor will provide a 20-mile mobility connection between Miami’s central business district and the County’s southern-most communities.

Specifically, the developer’s master plan calls for updating the existing 808,766-square-foot mall with cosmetic improvements and the addition of several new high-quality retailers; the phased development of 4,395 new market-rate apartments catering to a full spectrum of household budgets; the addition of several new retail and restaurant concepts, situated around a series of man-made lakes and open spaces; a new specialty grocer, a 150-key hotel, and 60,000 square feet of medical office space; and a terraced community amphitheater/bandshell. The plan also calls for a new vehicular entrance directly off U.S. 1, featuring a welcoming entrance square with a large fountain and extensive green space, along with a pedestrian bridge connecting the community to the new bus rapid transit stop. The entire community will feature bike and golf cart paths, pedestrian walking trails, and trolley stops to minimize the use of cars.

Ground-breaking on the first residential building is expected in mid-2023 and would deliver in approximately 18 months (early 2025), with rents starting at $2,500.

The project design team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultants CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and civil/traffic engineer Kimley Horn.

Renderings via MSA Architects

305 Concepts' Coyo Taco Signs Two New Leases In South Miami and Fort Lauderdale To Continue South Florida Expansion

As the retail and hospitality market continues to experience a rapid recovery in South Florida, regional F&B powerhouse 305 Concepts has executed two new Coyo Taco leases for locations in Downtown Fort Lauderdale and South Miami. The popular restaurant, which leads its sector, has multiple locations in South Florida and abroad and is known for its highly rated authentic Mexican street food. Colliers’ Jenny Gefen, Director - Retail, represented Coyo Taco in both of the transactions.

In South Miami, Coyo Taco will be opening in a freestanding building on US-1, formerly occupied by Spring Chicken at 1514 S. Dixie Highway. The group chose the 3,819 SF space due to its position and close proximity to the University of Miami. The landlord was represented by Cushman & Wakefield.

“This is a rare, freestanding second generation restaurant space with excellent visibility to US-1 in a highly sought-after submarket,” Gefen said. “These transactions highlight continued broad optimism over the future of the South Florida restaurant industry, and the robust strength of the market for prime retail space as we continue to move forward with positive momentum out of and past COVID.”

In downtown Fort Lauderdale, Coyo will be opening in the 2,905 SF former Suviche space at Bank of America Plaza (401 E Las Olas Boulevard). This location will be Coyo Taco’s first location in Broward County. The landlord was represented by Jeff Evans and Michael Silverman of The Comras Company.

“Las Olas is the downtown core of Fort Lauderdale and Broward County, making it a perfect fit for Coyo Taco’s first Broward County location,” said Gefen. “The restaurant is perfectly positioned at the center of the central business district, on the ground floor of arguably the top-Class A office building in Broward County, surrounded by dense and growing vertical residential.” Coyo Taco anticipates openings for both locations in Q4 of this year.

Coyo Taco’s co-founders, Sven Vogtland and Alan Drummond of 305 Concepts LLC., are also behind Wynwood’s 1-800-Lucky and The Oasis, a new 35,000 square-foot outdoor courtyard featuring six premier restaurant vendors, live performances, a fitness studio, and more.

“We have been very fortunate to find second generation spaces in markets that were difficult to penetrate pre-Covid. Our team feels that both locations fit extremely well within Coyo’s existing footprint, and we look forward to continuing our expansion throughout Florida,” said Drummond.

According to the Colliers International Q1 retail market report, the Miami-Dade retail market remained strong, with only a .3% increase in vacancy since Q1 2020.

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The Shops At Sunset Place In South Miami Sells For $65.5 Million To Alex Vadia's Midtown Equities

Midtown Equities, led by Alex Vadia, has acquired The Shops At Sunset Place for $65.5 million from FRIT Shops at Sunset Place, a joint venture between Federal Realty Investment Trust (NYSE: FRT), Grass River Property and The Comras Company. The 9.7-acre, 524,180 square foot shopping center, which is located at 5701 SW 72nd St., Sunset Drive in South Miami, last traded for $111.5 million in 2015, representing a significant loss for the selling joint venture. The shopping center’s current occupancy is reportedly just below 60%, a significant gap from the reported 83% in March 2020.

The Shops at Sunset Place was initially developed in 1999 and plans have been approved for a major renovation which would include the addition of 414 rental apartments, 182 hotel rooms, reducing the retail component to 440,148 square feet and adding 32,840 square feet of office space. The impact of COVID-19 stalled the development plans when Federal Realty Investment Trust was hit with a $50.7 million net impairment charge in Q3 2020 when its $60.6 million non-recourse CMBS loan matured and was declared in default by the lender.

AvalonBay Communities Acquires South Miami Winn-Dixie Site For $18.95 Million

AvalonBay Communities, led by CEO Timothy Naughton, has acquired a South Miami Winn-Dixie site located at 5850 SW 73rd Street for $18.95 million. The seller was a joint venture between entities tied to the Bacardi family and Alta Development, led by Henry Pino, who had acquired the property in 2007 for $14.5 million.

The 1.9 acre site has approval to build a 9-story mixed-use project with 283 apartment units and a 36,395 square foot grocery store designed by Corwil Architects. The residential component would feature a pool dec and 8,000 square feet of amenity space, along with the development offer 400 parking spaces. The new building would replace a 20,664 square foot Winn-Dixie which was built in 1962. The site is located just a few block from the South Miami Metrorail Station.

Amazon To Build Largest Distribution Center in South Florida After Scoring Approval From Miami-Dade County

Miami-Dade commissioners have voted unanimously to sell a vacant lot located at 13200 Southwest 272nd Street near the Homestead Air Reserve Base in South Miami-Dade County to Amazon for $22,056,853, clearing the way for Amazon to build a new distribution center to service South Florida. Amazon will invest $80 million into the property to build out the distribution center which will be a minimum of 1 million square feet and could become the largest in the region. The distribution center would be used to distribute products including food, produce and groceries. The facility is expected to create at lease 325 permanent full-time jobs with an annual salary of $32,000. 25% of the funds paid by Amazon to acquire the site will be dedicated to the Miami-Dade Affordable Housing Trust and the remaining funds will be allocated to the Homestead Air Reserve Base Fund. The South Miami-Dade facility would be the 4th distribution center used by Amazon in the South Florida region.

Treo Group To Break Ground On Vox Miami, Multifamily Housing Targed At Students

Vox Miami, a multifamily project designed by Perkins and Will and developed by Treo Group, is gearing up to break ground at 5801 S Dixie Highway. The project is targeted at students and is located just a short walk from the South Miami Metrorail Station. Vox Miami will rise 8-stories and will feature 361 residences. The building will also offer a pool, rooftop terrace, fitness center and residents lounge. Pricing is expected to be even lower than the new student housing buildings on the University of Miami campus. Vox Miami will also feature a phase 2 with a proposed 10-story Class A office building and the entire project is expected to cost roughly $125 million to develop. Vox Miami’s multifamily component is expected to be completed by August 2021.

Alta Developers and Bacardi Foundation's South Miami Town Square Approved In South Miami

Alta Developers and the Facundo and Amalia Bacardi Foundation have been awarded approval by city commissioners to change the zoning needed to move ahead with South Miami Town Square, located at 5850 SW 73rd Street and 7331 SW 59 ave. The mixed-use project will feature 301 residential units, 24,391 SF of market space and 22,808 of retail. The developers will also build a plaza connected to the pedestrian walkway system and enhanced streetscape design to activate the surrounding public spaces. South Miami Town Square is designed by Corwil Architects.

Sunset Place Redevelopment Proposal Finally Gets Approved By South Miami

Nearly two years after the South Miami voted against the redevelopment of Sunset Place, the city has now approved the proposal after a special commission meeting where the South Miami City Commission voted unanimously to approve ordinances that allow will give the go-ahead to the developers to revitalize the aging mall. A partnership between Federal Realty Investment Trust, Grass River Property and The Comras Company will redevelop the 500,000 SF shopping mall into a mixed-use development with a renovated 440,000 SF mall, 32,000 SF of office space, 2 apartment buildings with 414-units and a 182-room hotel.

The developers have agreed to several climate change resistant modifications to the proposal including rooftop solar panels, a reflective or white roofing system, green roofs and the elimination of underground parking. The developers will also fund $250,000 to the city for a new streetscape on Sunset Drive, $1.5 million for pedestrian safety measures and a public amphitheater.