The 48-Story Five Park Locks Town $345 Million Construction Loan In South Beach

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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Blackstone Acquires MiamiCentral Office Buildings For $230 Million To Build Downtown Miami Technology Hub

The New York City-based global investment firm Blackstone has acquired the 2 and 3 MiamiCentral office buildings from Shorenstein Properties for $230 million. The office complex, which was developed in 2017 and 2018, spans 317,939 square feet, breaking the transaction down to $723.41 per square foot. The office buildings are located at 161 NW 6th St. and 700 NW 1st Ave.; additionally, they are connected to MiamiCentral Station, which offers the Brightline train service to Fort Lauderdale and West Palm Beach. Shorenstein Properties initially acquired the properties for $170.5 million in May 2019.

Blackstone leased 41,000 square feet at 2 MiamiCentral in January 2021 for Blackstone’s in-house technology team BXTI before committing to buying the buildings. Blackstone plans to build a technology hub in Downtown Miami and will use the new acquisitions as part of its initiative. The firm plans to hire over 200 technology employees in Miami.

Other tenants at 2 & 3 Miami Central include Ernst & Young, Regus, Moss & Associates, Atlantic Pacific Corporation, Publix, Brightline, CONCACAF, MTV, Einstein Bros. Bagels and Florida East Coast Industries.

Blackstone Group Signs Long-Term Lease At MiamiCentral For South Florida Expansion

Blackstone Group has signed a long-term lease at 2 MiamiCentral in Downtown Miami as the investment group moves forward with their South Florida expansion which was announced in October 2020. Blackstone will occupy 41,000 square feet over two floors in the recently completed 2 MiamiCentral where the group plans to have over 200 employees who will be focused on tech. The lease was overseen by Alan Klebar and Ryan Nunes of JLL, who represented Blackstone, as well as Danet Linares and Andres del Corral of Blanca Commercial Real Estate, who represented the landlord. The newly signed lease brings 2 MiamiCentral, which is owned by Shorenstein Properties, to 98% occupied with other tenants included Ernst & Young, Carlton Fields and New Fortress Energy. Asking rates at 2 and 3 MiamiCentral are $40 NNN.

“Miami is a vibrant city with a pipeline of top technology talent available from best in class university programs, as well as an experienced workforce that will enable us to diversify our talent pool and grow our technology team. 2 MiamiCentral’s prime downtown location and access to mass transit make it an ideal office location,” said John Stecher, Blackstone’s Chief Technology Officer.

MiamiCentral was developed by Florida East Coast Industries and completed in 2018. The 2 MiamiCentral and 3 MiamiCentral office buildings have highly efficient, open rectangular floor plates, floor to ceiling windows boasting unobstructed views, market leading amenities, and direct access to local and multi-city mass transit. The 17-story 2 MiamiCentral is located at 700 NW 1st Avenue and features 190,000 square feet of Class A office space with a 288-stall valet parking garage that sit adjacent to Miami Central Station, the transportation hub serving four rail lines including the Brightline. Combined 2 and 3 MiamiCentral feature 320,000 square feet of Class A office-space and were acquired by Shorenstein Properties for more than $159 million in 2019.