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.