Developers Russell Galbut and David Martin have made history with the completion of Five Park, a $1 billion luxury condominium and the tallest building in Miami Beach. The 48-story tower, located at 500 Alton Road, represents the first new condo high-rise to grace the city in over a decade.
A Landmark Achievement
Built by Galbut’s GFO Investments and Martin’s Terra, the project recently received its temporary certificate of occupancy, initiating closings for the 227-unit building. Split into two condominium associations, The Park (floors 8–25) and Canopy Residences (floors 26 and above), the tower boasts units priced from $1.5 million to $9 million. Notable buyers include Stephanie Dorrance, Gary Killian, and Kevin Wendle, with 11 closings recorded so far.
Luxury Amenities and Design
With 50,000 square feet of amenities, Five Park redefines luxury living. Highlights include:
- Park Club on the sixth floor featuring Cafe Flora, offering seasonal menus curated by chef Michelle Bernstein.
- A pool deck with cabanas, a state-of-the-art gym and spa, coworking spaces, screening rooms, and private beach access via a branded Five Park Moke vehicle.
- Exclusive to Canopy buyers is a private members’ club located on the 26th floor.
The adjacent 3-acre Canopy Park, completed in 2022, features a botanical garden, playground, dog park, and event lawn, providing residents with a tranquil outdoor retreat. A pedestrian bridge connecting Five Park to South of Fifth is also slated to begin construction soon.
Strategic Financing and Visionary Design
In 2021, the developers secured a $345 million construction loan from Blackstone Group and Apollo Global Management, one of South Florida’s largest pandemic-era loans. Designed by Arquitectonica, with interiors by Gabellini Sheppard and Anda Andrei, Five Park reflects the pinnacle of architectural and interior design excellence.
Future Developments
Both Galbut and Martin have other transformative Miami Beach projects underway:
- Galbut’s Crescent Heights is developing a Whole Foods-anchored mixed-use project on Alton Road.
- Martin is collaborating with Jackie Soffer’s Turnberry on the long-awaited Miami Beach Convention Center Hotel, set to become a Grand Hyatt-branded property.
Additionally, Martin co-owns the Deauville Beach Resort property, which has proposals for significant redevelopment, including condo towers and a partial restoration of the iconic resort.
A New Chapter for Miami Beach
With Five Park’s completion, Miami Beach enters a new era of luxury living and architectural innovation. Combining unmatched amenities, strategic location, and visionary development, the project sets a high bar for future developments in the city.
