Crescent Heights Reveals New Renderings of Park Coming To 500 Alton In South Beach

Crescent Heights and Terra has revealed new renderings of the public park coming to 500 and 600 Alton Road, known as the Park on Fifth, as part of their deal to build a 44-story, 553’ tower at the gateway to South Beach. Russell Galbut and David Martin’s proposal was approved with an agreement to transform the former South Shore Hospital site with the tower, which is being designed by Arquitectonica, and the 3-acre park. The JV between Crescent Heights and Terra Group applied for a construction permit in late November 2019 and completion of the new park is expected for 2021. The park will also feature a bridge which will connect the South Pointe Park baywalk with the new Park on Fifth. When complete the tower will be among the tallest in Miami Beach and will feature 410 luxury units which the developer will be allowed to rent as short term rentals with a minimum term of 30 days per rental. Bridge construction will be funded by a $10 million General Obligation Bond which voters approved in November 2018.

Check Out The Newly Released Video Of The 3 Acre Park Coming To Alton Road As Part Of Deal With Russell Galbut

Miami Beach has struck a deal with Crescent Heights co-founder Russell Galbut to bring a 3 acre park to Alton Road in exchange to allow Galbut to up-zone the old South Shore hospital site in South Beach. Commissioners approved a tower height increase to 519’, in exchange Galbut will fund and develop the 3 acre park which will be connected to the baywalk which wraps around South Pointe via a taxpayer funded pedestrian bridge. Galbut will have 6-months after the appeal periods to demolish the vacant South Shore Hospital and must complete the park within 8 years after the construction permit for the tower is issued. Should Galbut wish to flip the property he must retain 10% ownership. A subsequent hearing will take place in December.