Developers Russell Galbut and David Martin completed the tallest building in Miami Beach, a 48-story condo tower called Five Park.
Galbut’s family office, Miami-based GFO Investments, and Martin’s Coconut Grove-based Terra secured a temporary certificate of occupancy and began recording condo closings at the project at 500 Alton Road, records show. The 277-unit building includes two condominium associations: the Park, with 132 units on floors eight through 25, and Canopy Residences, with 95 units starting on floor 26.
Eleven closings have been recorded so far for units ranging in price from $1.6 million to $9 million, records show. Buyers include Stephanie Dorrance, the ex-wife of Campbell’s Company heir John Dorrance; former Lehman Brothers managing director Gary Killian and hotelier Kevin Wendle.
The tower has an estimated sellout of $1 billion, according to a spokesperson for the project. Fewer than 30 units are left for sale, and prices start at $1.5 million. Douglas Elliman is leading sales.
Five Park has about 50,000 square feet of amenities, according to a press release. That includes the Park Club on the sixth floor with Cafe Flora, which will have seasonal menus by chef Michelle Bernstein; a pool deck with cabanas; a gym and spa; coworking space; screening rooms and beach access via a Five Park-branded Moke vehicle.
Canopy buyers can also access a private members’ club on the 26th floor.
The project includes the 3-acre Canopy Park that the developers built on the adjacent site in exchange for extra height. The public park was completed in 2022 and it features an interactive playground, botanical garden, dog park and event lawn.
A pedestrian bridge connecting Five Park to South of Fifth is also still planned. Construction could begin this month, according to the release.
Galbut long planned to develop the site, which was previously home to the former South Shore hospital building that was demolished in 2019. It sits at the southern entrance to Miami Beach.
In 2021, the developers secured a $345 construction loan for Five Park, which marked one of the largest loans to close in South Florida during the pandemic. Blackstone Group and Apollo Global Management provided the financing.
Five Park’s design team includes Coconut Grove-based Arquitectonica, interior design firm Gabellini Sheppard and design director Anda Andrei, according to the release.
Both Galbut and Martin have other projects planned in Miami Beach. Earlier this year, Galbut, through his Miami-based firm Crescent Heights, secured approval for a Whole Foods-anchored mixed-use project at 1901 Alton Road. Separately, the Galbut family is an investor in buildings that Lefferts is developing in North Beach.
Martin is co-developing the planned Miami Beach Convention Center Hotel with Jackie Soffer’s Turnberry. They recently secured approval for a $75 million taxpayer infusion for the project to help fill a funding gap for the long-delayed Grand Hyatt-branded development.
Martin is also a 25 percent owner of the Deauville Beach Resort property in North Beach alongside the Meruelo family, the majority owner. They are proposing land use changes that would boost the floor area ratio, or overall project size. Current zoning allows for the development of 570 residential units, and nearly 500,000 square feet of floor area. The developers’ proposal would allow for a nearly 900,000-square-foot development with two condo towers and a partial reconstruction of the Deauville with 280 hotel rooms.
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