Crescent Heights and Terra has revealed new renderings of the public park coming to 500 and 600 Alton Road, known as the Park on Fifth, as part of their deal to build a 44-story, 553’ tower at the gateway to South Beach. Russell Galbut and David Martin’s proposal was approved with an agreement to transform the former South Shore Hospital site with the tower, which is being designed by Arquitectonica, and the 3-acre park. The JV between Crescent Heights and Terra Group applied for a construction permit in late November 2019 and completion of the new park is expected for 2021. The park will also feature a bridge which will connect the South Pointe Park baywalk with the new Park on Fifth. When complete the tower will be among the tallest in Miami Beach and will feature 410 luxury units which the developer will be allowed to rent as short term rentals with a minimum term of 30 days per rental. Bridge construction will be funded by a $10 million General Obligation Bond which voters approved in November 2018.
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