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Terra, GFO to Break Ground on 48-Story Residential Tower in Miami Beach

Real estate developers Terra Group and GFO Investments, along with development partner New Valley, have announced plans to break ground on Five Park, a 48-story residential tower with 280 residential units in Miami Beach.

Set to rise at 500 Alton Road, the April groundbreaking was made possible by a $345 million construction loan, which was provided by Blackstone and funds managed by Apollo Global Management. The 519-foot development will become the tallest building in Miami Beach upon its completion in 2023. The tower was designed by Arquitectonica, with interiors by Gabellini Sheppard.

Amenities at the tower will include an amenity deck with two swimming pools, a restaurant, sunset viewing lounge areas, a resort-style spa and a modern fitness center with outdoor exercise areas. The unit mix will consist of two-, three-, and four-bedroom residences and penthouses. 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.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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