A joint venture between Terra, GFO Investments and New Valley has secured a $345 million construction loan for their 48-story community project.
The building, Five Park, is being built at 500 Alton Rd. It is expected to be the tallest building on Miami Beach. The developers plan to begin construction in April.
The 519-feet high building will feature around 280 units in two-, three- and four-bedroom floorplans, with penthouse options, ranging in size from 1,400 to 6,000 sq. ft. Amenities include a restaurant, spa, fitness center, two swimming pools and lounge areas.
Moss Construction is responsible for the construction of the community. Designed by Arquitectonica, the community is expected to be complete in 2023.
