Park on Fifth Gets $90M Construction Loan, Work To Begin Early 2020 On What Will Become The Second Tallest In Miami Beach

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:

  • 337 residential units
  • 49,360 square feet of amenities
  • 7,120 square feet of retail in the park
  • 7,880 square feet of restaurant, split between the condo and in the park
  • 681 parking spaces, with 577 in the tower itself and the remaining 104 in surface lots

Arquitectonica is the architect.

 

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Polo

Great project, great looking park.

Anonymous

Marco ??

Anonymous

Polo ??

Shawn Kouri

Well if early 2020 is the case then this thing would be completed by 2022 or 2023 including the park.

Anonymous

I wonder what the lightening of this building will be at during the night. It could add an charm to south beach and 5th.

Shawn Kouri

I’m not sure. However this does have a signature pedestrian bridge that looks very iconic. It will allow pedestrians to cross over the busy highway interchange from the book MacArthur Causeway to Alton Road onto an area sidewalk. People are going to want to take pictures of this bridge when they are passengers in the car as they drive up to it and go under it. That’s for sure. It looks like there’s going to be penthouses on top that could reach as high as $30 million. Maybe even more, $40 million, $50 million, $60 million, $65 million or even $70 million. The park is going to be really cool I’m sure. That structure that probably K’NEX to the condo for a restaurant or retail space probably has grass that goes uphill making this more like an environmentally friendly kind of set up.

Anonymous

Second tallest? Aren’t like the first and second tallest in Miami Beach twin towers?

Anonymous

Corny af

Anonymous

That’s the attitude that will prepare Miami for the future of climate change.

Anonymous

can’t wait!! looks awesome!

Anonymous

lol

Anonymous

Oh wow… Beautiful project!

Anonymous

What happened to the instagrammable Miami Beach rainbow bridge?

Anonymous

Looks like they designed something better.

Anonymous

These are old renderings.

Anonymous

Same bridge. It changes colors

Anonymous

changes color? oh wow that is something new.

Anonymous

RIGHT? the wave thing is so predicatable. what a shame.

Shawn Kouri

I think that’s still going to happen. We haven’t heard much about it yet ever since it was proposed in June.

peej

Relax Instagrammers, the Miami Beach Canopy (Rainbow Bridge) was unanimously approved by the Miami Beach Commission according to one of the developers–Terra Group: https://www.instagram.com/p/B3Zug2pAjo1/?igshid=1vcb9nh6e45us

TNM is just slacking with updating their renders…

Anonymous

557 feet wasn’t enough for the developers. They are appearing the Planning Dept’s ruling on FAR so they can make it even bigger.

Anonymous

I love the original wave thingy theme on the bridge – how original! LOL – so cliche.

Anonymous

Complete joke. The whole process was based in the fact that the original proposal was too intensive and would lead to traffic and in the end we have a 600 parking space garage at 5 and Alton. Checkmate.

Anonymous

Based on ownership profile of south of fifth who are the same customer, 60% + of these units will be occupied maybe 3 months of the year.So not as bad as it could have been if they had done the low rise apartments