Two Large-Scale Residential Developments Underway in Metro Miami for Combined $695M
PLANTATION AND MIAMI BEACH, FLA. — Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation.
A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500 Alton Road in Miami Beach. The 48-story tower will become the tallest building in Miami Beach upon its completion in 2023, according to the developers.
Designed by Arquitectonica with interiors by Gabellini Sheppard, Five Park is set to offer 280 two-, three- and four-bedroom residences and penthouses. Shared amenities will include two swimming pools; a restaurant; sunset viewing lounges; a resort-style spa; state-of-the-art fitness center with outdoor exercise areas; a cafe; sky lounge; and building concierge.
The Five Park project will also include the development of Canopy Park, a three-acre public park offering green space, pedestrian and bike paths, an outdoor gym, a dog run, children’s playgrounds and public art displays. Construction of the park is scheduled for completion in summer 2021.
Approved plans for the site also include the development of Miami Beach Canopy, a pedestrian bridge spanning 5th Street, which will allow pedestrians safe access to South Pointe Park, the Lincoln Road District and the beachfront. Artist Daniel Buren is designing the bridge for a scheduled groundbreaking in 2022.
Encore Capital Management recently announced the completion of Phase I of The Rise at Plantation Walk, a luxury multifamily community located within a larger, $350 million, mixed-use project titled Plantation Walk.
The first phase of development offers 171 units in studio, one-, two- and three-bedroom floor plans ranging from 692 to 1,457 square feet. Rents at the property start at $1,675 per month. An additional apartment building is scheduled for completion later this year, bringing the unit total to 700.
Shared amenities at The Rise at Plantation Walk include swimming pools with private cabanas and an outdoor kitchen; a sky lounge with bar and dining areas; concierge services; on-site storage; controlled-access parking garages; and a multi-story fitness center with TRX training space and a yoga room.
“The Rise at Plantation Walk is designed to cater to educated, working professionals, offering its residents unparalleled amenities and services previously not available in rental properties outside of traditional downtown buildings,” says Art Falcone, CEO and managing principal of Encore.
The larger Plantation Walk development is located roughly 30 miles outside Miami in Plantation. The property is home to a 177,000-square-foot Class A office building, which is currently 95 percent leased, and a 263-room Sheraton Hotel. Future plans for the site include 135,000 square feet of walkable retail and restaurant space.
— Katie Sloan