Construction has started at 500 Alton. Phase One is an $8 million park.
An outdoor living room is under construction in Miami Beach, steps from the South of Fifth neighborhood.
Construction started on the three-acre Canopy Park in late July, according to David Martin, president of Terra. Canopy Park is a key feature of 500 Alton, the 330-unit project between 600 and 700 blocks of Alton Road by development firms Coconut Grove-based Terra, Edgewater-based Crescent Heights and Buena Vista-based New Valley.
Canopy Park is the first of three phases of construction for the development, which includes a residential tower, retail space and bridge. The approximately $8 million park is expected to be completed by summer 2021.
“Green space is integral to making a community special. This will add value for the residential tower and the community,” Martin said.
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Construction on the approximately $150 million residential tower and adjacent two-story, 15,000-square-foot retail pavilion is expected to start during the first quarter of 2021. Developers have yet to determine whether the tower will be a condominium, apartment or a hybrid of both, Martin said.
Despite a dip in luxury condo sales and competition from resales, demand remains strong for condo and apartment living in South Florida, Martin said, fueled by newcomers from the northeast. Fueling his optimism is a total of $300 million in closings for the Rem Koolhaus-designed Park Grove in Coconut Grove, co-developed by Terra and The Related Group.
“Miami Beach has not seen a lot of new inventory. The park is a huge advantage. What we are finding is that more people are not only looking at the building, but also what surrounds the building. This location has the Baywalk nearby, South Pointe Park and Canopy Park,” Martin said.
Construction of the project’s $12.5 million bridge will start in 2022. The tower, commercial space and bridge are expected to be completed by 2023.
The park is subdivided into a botanical garden, dog park, fitness area, event lawn, art pavilion and kids zone designed by the Danish firm Monstrum. Miami Beach’s past is noted by a model elephant made out of wood and metal called Rosie, named after one of two elephants Carl Fisher used to promote Miami Beach during the 1920s and 1930s.
The park will incorporate 221 new trees and 121 new palms. features rainwater management systems to mitigate against flooding, including storm-water detention, dry river gutters and a 25,000-gallon cistern.
Architectural firm Arquitectonica, landscape firm ARQGeo, urban design firm West 8, interiors firms Anda Andrei Design and Gabellini Sheppard Associates, and art advisor Lisa Austin are involved in the project.
