The entrance to South Beach will soon be transformed after developers Crescent Heights and Terra Group obtained a construction loan to build the Park On Fifth project.
Park On Fifth will become the second tallest tower in Miami Beach at 557 feet above ground. Work on the first phase will begin in early 2020, Terra said in a statement to the SFBJ.
Developers were issued $90 million in financing last week. It will cover the cost of building a three-acre public park connected by pedestrian bridge to the city’s baywalk.
The financing also covers the cost of building a commercial building in the park. Tenants are now in negotiation.
The park area will also include multiple surface parking lots, and an elevated walkway.
Financing to build the 44-story tower will be issued separately as part of the final phase of the project. Prices for Park on Fifth’s residential condo units still have not been determined.
Park On Fifth will include:
Arquitectonica is the architect.