Developers Russell Galbut and David Martin launched sales of their condo tower at the entrance to South Beach, marking a key milestone for the project that has long been planned for the site at 500 Alton Road.
They are joining a number of condo developers who have started sales this year, many of who are doing so after sitting on the sidelines for months, or even years, waiting for demand to ramp up.
Galbut’s GFO Investments and Terra, led by Martin, are developing Five Park Miami Beach with New Valley. The 48-story, 519-foot-tall skyscraper will have 98 condos and 180 “park residences,” the latter of which may be rentals or condos.
The developers held a brokers’ event last week, but a formal sales launch is planned for later this year, according to a statement from Douglas Elliman Florida CEO Jay Phillip Parker. Elliman is leading sales of the 98 condos.
The property was once home to South Shore Hospital.
In March, Galbut and Martin secured a $345 construction loan for the project – one of the largest loans to close in South Florida during the pandemic – from The Blackstone Group and Apollo Global Management.
The condos will range from 1,434 square feet to 6,000 square feet, with two to five bedrooms, private elevator entrances, 10-foot ceilings, and floor-to-ceiling sliding doors. Prices start at $2.5 million, according to broker blasts.
The condos will be on floors 30 to 48. The building will have about 40,000 square feet of amenities scattered throughout the building, including a pool deck on the fifth floor and a clubhouse on the 26th floor. It will also have electric car charging stations, a co-working space, a gym, spa and treatment rooms, a pool bar and cafe, and short-term rental suites.