UPDATED, June 14, 12 p.m.: Developers Russell Galbut and David Martin launched sales of their condo tower at the entrance to South Beach, marking a key milestone for the project that has long been planned for the site at 500 Alton Road.
They are joining a number of condo developers who have started sales this year, many who are doing so after sitting on the sidelines for months, or even years, waiting for demand to ramp up.
Galbut’s GFO Investments and Terra, led by Martin, are developing Five Park Miami Beach with New Valley. The 48-story, 519-foot-tall skyscraper will have 98 condos and 180 “park residences,” the latter of which may be rentals or condos.
The developers held a brokers’ event last week, but a formal sales launch is planned for later this year, according to a statement from Douglas Elliman Florida CEO Jay Phillip Parker. Elliman is leading sales of the 98 condos.
The property was once home to South Shore Hospital.
In March, Galbut and Martin secured a $345 construction loan for the project – one of the largest loans to close in South Florida during the pandemic – from The Blackstone Group and Apollo Global Management.
The condos will range from 1,434 square feet to 6,000 square feet, with two to five bedrooms, private elevator entrances, 10-foot ceilings and floor to ceiling sliding doors. Prices start at $2.5 million, according to broker eblasts.
The condos will be on floors 30 to 48. The building will have about 40,000 square feet of amenities scattered throughout the building, including a pool deck on the fifth floor and a clubhouse on the 26th floor. It will also have electric car charging stations, co-working space, a gym, spa and treatment rooms, a pool bar and cafe, and short-term rental suites.
The South Shore Hospital building, which fell into disrepair and remained as a shell on the property for more than a decade, was demolished in 2019 after the developers announced their partnership.
Galbut’s ownership dates back to 2010. He initially said the hospital would remain in operation.
Records show a $90 million deed was transferred in September 2019 to TCH 500 Alton LLC, a holding company managed by Terra and Crescent Heights entities. Galbut, chairman of GFO Investments, is managing principal and co-owner of Crescent Heights. Last year, the developers broke ground on the adjacent 3-acre Canopy Park, which will feature a Monstrum artistic playground, pedestrian and bike paths, an outdoor gym and public art.
The park is expected to be completed this summer, and the tower could be delivered in the fourth quarter of 2023, according to marketing materials. Construction of the bridge crossing the MacArthur Causeway was set to start two months ago in April.
In a statement, Martin said he’s seeing demand from domestic and international buyers, the latter of which had disappeared from the market early on in the pandemic.
Related Group, PMG, Ugo Colombo and Valerio Morabito, Kolter Urban and others have kicked off sales of a number of condo buildings this year. In March, PMG and its partners launched sales of the Waldorf Astoria Residences Miami, which is planned as the city’s tallest residential tower at 100 stories.
Nearby in Brickell, Related recently began taking reservations for the first tower at Baccarat Residences along the Miami River.
And after launching sales of E11even Hotel & Residences Miami in February, PMG and E11even Partners are nearly sold out to buyers who have put down 10 percent non-refundable deposits.