$160+million Miami Beach project starts with $8 million, three-acre park

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Construction has started at 500 Alton, a 330-unit Miami Beach project by developers  Terra, Crescent Heights and New Valley. The overall project has a cost of more than $160 million.

The Miami Herald reports the first phase of the project is a $8 million, three-acre Canopy Park, scheduled to be completed by the summer of 2021. The development will have three phases including a bridge, retail space and a residential tower.

“Green space is integral to making a community special,” said Terra president David Martin. “This will add value for the residential tower and the community”

Construction on the approximately $150 million residential tower and adjacent two-story, 15,000-sq. ft. retail pavilion is expected to start during the first quarter of 2021. Developers have yet to determine whether the tower will be a condominium, apartment or a hybrid of both, The Herald quoted Martin as saying.

Contractors will begin building the $12.5 million bridge in 2022 and the overall completion is scheduled for 2023.

Project participants include architectural firm Arquitectonica, landscape firm ARQGeo, urban design firm West 8, interiors firms Anda Andrei Design and Gabellini Sheppard Associates, and art advisor Lisa Austin.

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