Park Residences

Common name: Park Residences, also known as part of Five Park

Identity note: Park Residences is not a separate building. It is the lower-floor condominium of the Five Park tower at 500 Alton Road. The upper-floor residences, also known as Canopy Residences, are a separate condominium of 94 residences recorded at 501 West Avenue, covered on the Five Park page. The two share one tower, one entrance at 500 Alton Road, one site and one design team.

Building type: Condominium residences on the lower floors of a 48-story tower. The tower is two condominiums, one for each portion.

Architect: Arquitectonica, with interiors by Gabellini Sheppard and Anda Andrei as design director for the project

General contractor: Moss Construction

Developer: Terra and GFO Investments. The condominium is held in the name of a developer entity, TCH 500 Alton, LLC.

Park design: ArquitectonicaGEO

Floors: Park Residences occupies floors 8 to 24. Five Park, also known as Canopy Residences, occupies floors 27 to 48. The Canopy Club is on floor 26.

Unit sizes: About 1,000 to 3,700 square feet on the lower floors, in one- to four-bedroom plans; the upper floors have larger plans, up to full-floor penthouses of about 6,000 square feet.

Amenities: About 50,000 square feet across the tower, including a raised pool deck, pools and sun decks, fitness center, spa, co-working space, screening room, children's learning lab and teen club, resident bar and cafe, business lounge, and a private beach club reached by shuttle. The Canopy Club on the 26th floor serves both condominiums, so Park Residences owners have access; ask for the terms and fees.

Services: Concierge, valet and secured garage, with butler and housekeeping services

Source: The Roebling Research Desk.

Park Residences is the larger of the two condominiums in the tower known as Five Park. The tower has 226 residences, and 132 are in Park Residences, below the 94 in the Five Park condominium on the upper floors.

The tower was developed by Terra, led by David Martin, and GFO Investments, the family office of Russell Galbut, on a site GFO had held since 2004. A hospital building stood there until it was demolished in 2019. The joint venture broke ground in 2021 and completed the tower in December 2024.

Arquitectonica drew a curved, elliptical tower, 48 stories and about 519 feet, with two central floors offset to open a gap in the profile and give 360-degree views of the skyline, Biscayne Bay and the Atlantic. The tower stands on a raised podium that holds the pool deck and amenity levels. Gabellini Sheppard, a New York firm, did the residence interiors. Canopy Park, a three-acre public park built by the developer, adjoins the tower with a botanical garden, playground, dog park and event lawn.

Five Park above shares the tower and the address; floor, plan, view, size and price per square foot differ.

The tower is on Alton Road at the south end of South Beach. South Pointe Park and the Government Cut shoreline are south, and Lincoln Road and the Art Deco district are north. The MacArthur Causeway begins beside the site, so Downtown Miami and Brickell are a short drive over the bay.

The building has no direct beachfront; views are the bay, skyline and ocean. The parcel is in flood zone AE.

The tower is 48 stories and about 519 feet tall. Park Residences occupies floors 8 to 24, below the Canopy Club on the 26th.

Residences in the tower have 10-foot ceilings, finished floor terraces, Gaggenau kitchens with Gabellini Sheppard cabinetry, and large walk-in closets. Get the association's size schedule and the unit's floor plan.

The tower offers concierge and butler service, housekeeping, a program director for resident events and a shuttle to a private beach club on the South of Fifth shoreline. The ask for every Park Residences buyer is which amenities the owner can use, and at what cost. The Canopy Club on the 26th floor serves both condominiums; get the terms, fees and any limits on Park Residences owners in writing, along with how costs are split between the two associations.

Ask how many residences the developer still holds, whether any developer-era resale or leasing rules remain in force, what the association owes on the public park, and what warranty claims are open. Florida's milestone inspection and structural integrity reserve study rules apply to condominium buildings of three or more stories; ask for the inspection report, the reserve study and any assessment history. Also ask for the operating budget.

Pet, rental and minimum-lease rules are set by the association; confirm at offer stage.

Sales ran through construction and delivery. The recorded history shows 127 sales in the Park Residences condominium, including original developer sales and resales since delivery. One recorded sale, April 2026, at $6,250,000. It is one sale, not a building price. The median assessed value is about $1.73 million; that is an assessed value, not a market price.

Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.

Ask which condominium. Listings under the Five Park name can be in either association. Confirm the unit's floor, the governing association and the unit's declared amenity rights. For the upper floors, see Five Park.

Ask what the developer still owns. Developer inventory competes with resales.

Price by line and floor. Upper-floor and penthouse figures do not apply to lower-floor residences.

Price against your line. Use closings in your floor range and plan type, and expect to compete with any remaining developer units.

State what the amenities include. A written statement of club, beach club and park access shortens diligence, along with the budget and reserve study.

• Five Park — the upper-floor condominium in the same tower, 94 residences above the Canopy Club.
• Apogee South Beach — a South of Fifth condominium completed in 2008.
• One Ocean South Beach — a South of Fifth condominium by The Related Group.