South Florida New Construction · South Beach · Five Park South Beach
It is finished, and it has been since November 2024.
By Josh Stein · Florida license SL3057661 · Updated 25 September 2026
Verified 24 September 2026Miami-Dade County Property Appraiser, The Real Deal, Florida YIMBY +6 more9 sources
Five Park is complete, delivered in November 2024 — 48 storeys and 519 feet, the tallest tower in Miami Beach, by Terra and GFO Investments, architecture by Arquitectonica, interiors by Gabellini Sheppard, Anda Andrei and Meyer Davis (Florida YIMBY, 25 November 2024). 🔴 The county records 226 homes across TWO separate condominium declarations — Park Residences Condo (132 homes, floors 5–25) and Five Park Condo (94 homes, floors 27–48). The Real Deal reported 227 (27 November 2024), and older marketing still gives 98 for the Canopy tier alone. 217 of the 226 have a qualified sale on the county record and 21 have resold (retrieved 24 September 2026). Nine have none, and I could not confirm whether the developer still holds any of them.
Verified 24 September 2026. Sources: Miami-Dade County Property Appraiser, folio series 02-4204-015 and 02-4204-016 (retrieved 24 September 2026); The Real Deal, 27 Nov 2024; Florida YIMBY, 25 Nov 2024.
Key Takeaways
- 🔴 It is finished, and it has been since November 2024 — Five Park was completed and began recording closings in November 2024 (The Real Deal, 27 November 2024). 217 of its 226 homes have a qualified sale on the county record, so almost everything offered here is a resale from an owner. Nine do not, and I could not confirm whether the developer still holds any: its website still says prices start at $1.25 million (read 24 September 2026).
- ⭐⭐ It is not one building. It is two condominium associations stacked in one tower — The county records two separate declarations: Park Residences Condo — 132 homes on floors 5 to 25, and Five Park Condo — 94 homes on floors 27 to 48. Which one you buy into changes your association, your budget and your fees.
- 🔴 Published unit counts disagree — The Real Deal reports 227 (132 in the Park and 95 in Canopy). Older marketing still gives 98 for the Canopy tier alone. The county records 132 + 94 = 226, and both declarations’ ownership shares sum to 100%.
- ⭐ The upper tier trades at 1.57× the lower one, in the same building — 2026 median price per square foot (to 24 September): $2,583 in Canopy against $1,645 in The Park. And they are moving in opposite directions — The Park is down every year since 2024, Canopy is up on 2024.
- ⭐⭐ Twenty-one homes have already resold, and eight of them lost money — Median holding period 1.1 years, median change +6.1%. The worst: a 902 sq ft home that went $1,625,000 to $1,295,000 in six months — −20.3%.
- The county’s highest recorded price is one I cannot find in the trade press — $21,000,000 for unit 4801 in February 2025, then $19,500,000 for UPH2 in March 2025. The Real Deal’s 10 September 2026 report puts the top penthouse price at $19.5 million. The $18.5 million penthouse reported in February 2026 as the last available one sits below both. I have not found a source that explains the $21 million figure.
- What the building is worth on the tax roll — $718,554,033 across all 226 homes for 2026 — $457,668,738 in Canopy and $260,885,295 in The Park. Median assessed value $4,479,001 in Canopy and $1,727,354 in The Park.
Five Park South Beach, by the numbers
Developers: Terra and GFO Investments · Architect: Arquitectonica · Two condominiums, 132 + 94 homes (county record, 24 September 2026); The Real Deal reported 227 (27 November 2024) · 2026 median recorded sale: $2,400,000 in The Park, $6,712,000 in Canopy (county, 24 September 2026).
500 Alton Road, Miami Beach, Florida 33139 | Neighborhood: South Beach
Five Park is a 48-storey, 519-foot tower at 500 Alton Road, at the gateway to South Beach — the tallest building in Miami Beach. It was developed by Terra and GFO Investments, designed by Arquitectonica with interiors by Gabellini Sheppard, Anda Andrei and Meyer Davis, and it was completed in November 2024 (Florida YIMBY, 25 November 2024).
Some of what is published about Five Park still describes a building that has not been built — the developer’s own home page is titled “Luxury Pre-Construction Condos” (read 24 September 2026). This page is built from the county record instead: every folio in both of its declarations, pulled individually.
Five Park is two condominiums, not one
This is the single most important thing to understand before you buy here, and it appears almost nowhere.
| Park Residences Condo | Five Park Condo | |
|---|---|---|
| Marketed as | “The Park” | “Canopy” |
| County folio series | 02-4204-015 | 02-4204-016 |
| Homes | 132 | 94 |
| Floors | 5 to 25 (no 6, 7 or 13) | 27 to 48 (no 46 or 47) |
| Sizes | 407–3,665 sq ft, median 1,230 | 1,216–5,545 sq ft, median 2,451 |
| Bedroom mix | 9 studio, 45 one-bed, 41 two-bed, 33 three-bed, 4 four-bed | 17 two-bed, 49 three-bed, 16 four-bed (12 unrecorded) |
| 2026 assessed value | $260,885,295 (median $1,727,354) | $457,668,738 (median $4,479,001) |
| Ownership shares sum to | 99.9987% — complete | 100.0007% — complete |
They are separate legal entities. Separate declarations, separate associations, separate budgets, separate reserves, separate assessments and separate governance. You are not buying into “Five Park”; you are buying into one of two condominiums that share a tower and an address.
🔴 Published unit counts disagree, and only one of them is the recorded roll. The Real Deal reported 227 (27 November 2024) — 132 in the Park on floors 8 to 25 and 95 in Canopy from floor 26 — and repeated it on 10 September 2026. Older marketing still gives 98 for the Canopy tier alone, against the county’s 94. The county records 132 and 94 — 226 homes — on floors 5 to 25 and 27 to 48, and the ownership shares in both declarations sum to 100%, which is the check that proves the record is the whole building rather than a portion of it. I have not found a source that explains the difference between 226 and 227.
⚠️ A search by address does not show the whole building. The county’s address index for 500 Alton Road returns 134 parcels — the 132 Park Residences homes and two land parcels. The 94 homes in the upper tower do not appear at all. Anyone who checks this building by address gets 132 homes and does not see the other declaration. It was found by walking the county’s Miami Beach folio series until the second declaration appeared next to the first.
What people actually paid
The county records 238 qualified, arm’s-length sales across the two declarations (retrieved 24 September 2026). Because the two tiers are different products, they are reported separately — averaging them would describe nothing.
| Year | The Park (132 homes) | Canopy (94 homes) | ||
|---|---|---|---|---|
| Sales | Median $/sq ft | Sales | Median $/sq ft | |
| 2024 | 52 | $1,881 | 60 | $2,305 |
| 2025 | 64 | $1,753 | 36 | $2,215 |
| 2026 to 24 Sep | 16 | $1,645 | 10 | $2,583 |
Median prices: The Park closed at $2,562,500 in 2024, $2,265,000 in 2025 and $2,400,000 in 2026 to 24 September. Canopy at $5,009,200, $6,019,250 and $6,712,000.
⭐ Two things stand out, and they point in opposite directions.
Canopy trades at about one and a half times The Park per square foot — in the same building. In 2026 that ratio is 1.57×: $2,583 against $1,645. Height, size and finish level account for a lot of it, but a buyer comparing “Five Park” prices across listings without knowing which declaration each home sits in is comparing two different markets.
And The Park has fallen in every year on the record — $1,881 to $1,753 to $1,645, down 12.6% from 2024 — while Canopy’s 2026 figure is 12.1% above its 2024 one.
⚠️ Read those last columns carefully: sixteen sales and ten sales. That is a level, not a trend, and a single large transaction moves a median at that count. What gives the direction some weight is that it holds across three consecutive years in each tier, and that the two tiers moved differently in the same building over the same period — which is harder to explain as noise.
Nine of the 226 homes have never recorded a qualified sale — seven in The Park, two in Canopy. One of the seven, unit 1908, has a March 2025 warranty deed that the county could not process because of deed errors.
Inside the residences
Interiors as the developer presents them — renderings, not photographs of finished homes.
Twenty-one resales in under two years — and eight losses
A building delivered in November 2024 should not have a resale record yet. This one has twenty-one (county record, retrieved 24 September 2026), and it is the most informative thing in the county file.
Median holding period: 1.1 years. Median change: +6.1%. Eight of the twenty-one sold for less than they cost.
Ten of the twenty-one recorded resales, ordered by change:
| Home | Bought | Sold | Change | Held |
|---|---|---|---|---|
| Canopy 3903, 3,701 sq ft | $8,390,000 Jan 2025 | $10,950,000 Mar 2026 | +30.5% | 1.2 yrs |
| Canopy 3303, 2,441 sq ft | $5,400,000 Dec 2024 | $6,500,000 Dec 2025 | +20.4% | 1.0 yr |
| Canopy 2802, 2,546 sq ft | $4,950,000 Dec 2024 | $5,950,000 Mar 2026 | +20.2% | 1.3 yrs |
| The Park 901, 1,988 sq ft | $2,667,000 Mar 2025 | $3,150,000 Jul 2026 | +18.1% | 1.3 yrs |
| The Park 801, 1,988 sq ft | $2,555,000 Mar 2025 | $2,900,000 Dec 2025 | +13.5% | 0.7 yrs |
| Canopy 4201, 4,716 sq ft | $13,250,000 Dec 2024 | $12,950,000 Mar 2026 | −2.3% | 1.2 yrs |
| The Park 1802, 1,201 sq ft | $2,285,000 Dec 2024 | $2,100,000 Jun 2026 | −8.1% | 1.5 yrs |
| The Park 2004, 886 sq ft | $1,500,000 Mar 2025 | $1,375,000 Jul 2026 | −8.3% | 1.3 yrs |
| Canopy 3201, 2,979 sq ft | $6,550,000 Nov 2024 | $6,000,000 Jan 2026 | −8.4% | 1.1 yrs |
| The Park 2006, 902 sq ft | $1,625,000 Nov 2024 | $1,295,000 Jun 2025 | −20.3% | 0.5 yrs |
⭐ The losses cluster in the small homes, and that is the finding. The three smallest homes to have resold — 886, 902 and 1,201 square feet, all in The Park — all sold for less than the seller paid (−8.3%, −20.3% and −8.1%). The best outcomes are its large Canopy residences. A buyer who paid a Five Park price for a Five Park address, in the smaller floor plans that have resold so far, has done worst.
By tier: The Park has recorded seven resales and four of them lost money. Canopy has recorded fourteen and four lost money. ⚠️ Those are small numbers and this page is not going to build a theory on them — but if you are buying a small unit here, the record so far is against you, and you should want to know that before an agent tells you the building is up.
The amenity levels
The pool deck, the lobby, the fitness floor and the Daniel Buren tunnel.
The top of the building
In February 2026 a Five Park penthouse sold for $18,500,000. The Real Deal reported it on 26 February 2026 as the last available penthouse, and gave its asking price as $21 million on 2 February 2026.
🔴 It was not the highest price on the county record — two larger sales closed in 2025:
- Unit 4801 — $21,000,000, 12 February 2025. 5,545 sq ft, $3,787 per square foot — the highest price and the highest rate on the county record.
- UPH2 — $19,500,000, 28 March 2025. 5,369 sq ft, $3,632 per square foot.
- PH1 — $18,500,000, 18 February 2026. 5,500 sq ft, $3,364 per square foot.
⚠️ Two size figures are in play for the $18.5 million sale. The Real Deal reported it at $3,053 per square foot (26 February 2026) and described the listing as 6,100 square feet (2 February 2026). The county records 5,500 square feet for the folio that recorded $18,500,000 on 18 February 2026 (PH1), which makes it $3,364 per square foot. The lower figure implies an area of about 6,059 square feet, which the county does not record for that home. I use the county’s number and show the difference here rather than choose quietly.
⚠️ I cannot find the $21,000,000 in the trade press. The county records $21,000,000 for unit 4801 on 12 February 2025, qualified by examination of the deed. The Real Deal’s 10 September 2026 report lists penthouse sales of $17.5 million, $19.5 million, $18.5 million and $17.3 million, and says condos have sold for up to $19.5 million. The county’s UPH2 ($19,500,000), PH1 ($18,500,000), PH2 ($17,500,000) and LPH2 ($17,254,000) sales match those amounts; 4801 is the only county price above $19.5 million. I have not found a published source for it, so the two records are unresolved.
In The Park, the top of the market is a different world: $9,000,000 for unit 2501 (3,665 sq ft, $2,456 per square foot) in May 2025, and $7,735,000 for unit 2318 in November 2024.
The building
Five Park shown from its entrance and from the amenity level looking towards downtown.
Who this building suits, and who it does not
It suits a buyer who wants a new tower at the entrance to South Beach and is buying a large home. Five Park is the tallest building in Miami Beach, it sits at the entrance to South Beach with direct access to the three-acre Canopy Park, and the Canopy tier — 94 homes of 1,216 to 5,545 square feet on floors 27 to 48 — is the part of it with the strongest record. Fourteen resales, ten of them profitable, and a 2026 median (to 24 September) of $2,583 a square foot that is above where the building started.
It suits badly a buyer looking at the smallest floor plans as an entry point. The three smallest homes to have resold here (886, 902 and 1,201 square feet) all sold for less than their owners paid, and The Park’s median price per square foot has fallen in each year since 2024. Buying the cheapest home in an expensive building is a strategy that has not worked here so far.
Three things to establish before you commit:
- Which declaration the home is in — Park Residences Condo or Five Park Condo. Get the folio number, not just the unit number. It determines which association you join, which budget you fund and which reserve study applies to you.
- That association’s budget, reserves and structural reserve study, and what has been assessed since turnover. A building this new is at the stage where the developer hands control to owners, and that is where cost surprises appear.
- The most recent sale in your specific tier and size band, not a building-wide average. On this building an average is actively misleading: the two tiers are about 1.6× apart.
Five Park Miami Beach — Frequently Asked Questions
Is Five Park still pre-construction?
No. Five Park was completed in November 2024 and 217 of its 226 homes have a qualified sale on the county record (retrieved 24 September 2026), so almost everything offered here is a resale from an owner. At completion The Real Deal reported fewer than 30 units left for sale (27 November 2024), and the developer’s website still says prices start at $1.25 million (read 24 September 2026), so I cannot say whether any of the nine homes with no qualified sale is still with the developer. Ask me for current availability.
How many units are in Five Park?
🔴 226, in two separate condominiums — and published counts differ. The county records 132 homes in Park Residences Condo (floors 5–25) and 94 in Five Park Condo (floors 27–48), with both declarations’ ownership shares summing to 100%. The Real Deal reports 227 (27 November 2024) and older marketing still gives 98 for the Canopy tier alone.
Are The Park and Canopy the same condominium?
No, and this matters more than anything else on this page. They are two separate legal declarations with separate associations, budgets, reserves and assessments, sharing one tower and one address. Get the folio number of any home you are considering so you know which one you would be joining.
What do homes at Five Park sell for?
They are two different markets. In 2026 to 24 September the county records a median of $1,645 per square foot in The Park (16 sales, median price $2,400,000) and $2,583 in Canopy (10 sales, median price $6,712,000) — Canopy at 1.57× The Park in the same building. ⚠️ Treat both as levels rather than trends at those counts.
Have people made money reselling at Five Park?
Some have and some have not. Twenty-one homes have resold (county record, retrieved 24 September 2026), at a median of +6.1% over a median 1.1 years — and eight of the twenty-one sold at a loss. The best was Canopy 3903 at +30.5%; the worst was a 902 sq ft home in The Park that went from $1,625,000 to $1,295,000 in six months, −20.3%. ⭐ The three smallest homes to have resold all lost money.
What is the most expensive sale at Five Park?
On the county record, $21,000,000 for unit 4801 in February 2025 — 5,545 sq ft, $3,787 per square foot. Next is UPH2 at $19,500,000 in March 2025. ⚠️ The Real Deal’s 10 September 2026 report puts the top of the range at $19.5 million and I have not found a source for the $21 million price, so the two are unresolved. The $18.5 million penthouse reported in February 2026 as the last available one is below both; on the county’s recorded area it works out at $3,364 per square foot.
What is Five Park worth in total?
The county assesses the 226 homes at $718,554,033 for 2026 — $457,668,738 across the 94 Canopy homes (median $4,479,001) and $260,885,295 across the 132 in The Park (median $1,727,354).
Sources and further reading
- Miami-Dade County Property Appraiser — Property Search (all 132 folios of PARK RESIDENCES CONDO and all 94 of FIVE PARK CONDO, folio series 02-4204-015 and 02-4204-016, plus the complete 134-parcel 500 Alton Road sweep, retrieved 24 September 2026)miamidadepa.gov
- The Real Deal — “Closings begin at Martin and Galbut’s $1B Five Park tower, tallest in Miami Beach”, 27 November 2024 (temporary certificate of occupancy, closings begin, 227 units in two associations, fewer than 30 units left, prices from $1.5 million)therealdeal.com
- Florida YIMBY — “Five Park, Miami Beach’s Tallest Tower, Is Now Complete at 500 Alton Road”, 25 November 2024 (48 storeys, 519 feet, tallest in Miami Beach, developers, architect and interior designers)floridayimby.com
- The Real Deal — “Terra, Russell Galbut sued over Five Park short-term guest suites”, 28 January 2026 (complaint over guest suites; the developers’ court response denies wrongdoing)therealdeal.com
- The Real Deal — “Five Park penthouse asking $21M tops Miami-Dade luxe contracts”, 2 February 2026 (penthouse 4701 asking $21 million, 6,100 sq ft, last remaining penthouse)therealdeal.com
- The Real Deal — “Terra and GFO’s Five Park sells last PH below asking for $19M”, 26 February 2026 (last available penthouse sold for $18.5 million, $3,053 per sq ft)therealdeal.com
- The Real Deal — “Miami Beach probes stalled pedestrian bridge agreed to by Terra, GFO”, 10 September 2026 (city review of the bridge; 227 units; penthouse sale prices)therealdeal.com
- Five Park Miami Beach — developer website, read 24 September 2026 (home page title “Luxury Pre-Construction Condos”; “Prices at Five Park start at $1.25 million”; sales by Douglas Elliman Development Marketing; Canopy Bridge described as forthcoming)fivepark.com
- Five Park — Brown Harris Stevens building page, read 24 September 2026 (still describes 98 condo residences of 1,434 to 6,000 sq ft, in the future tense)bhsmiami.com
Interested in buying at Five Park Miami Beach?
Five Park was completed in November 2024, and 217 of its 226 homes have a qualified sale on the county record. Ask me what is offered now, which of the two condominiums a home sits in, and what has closed nearby. Learn more about buying at Five Park with Josh Stein.
Five Park Miami Beach Amenities
BUILDING FEATURES
• Developer marketing described 98 residences from 1,434 to 6,000 sq ft in the Canopy tier — the county records 94 homes in that declaration, 1,216 to 5,545 sq ft, plus 132 more in a separate declaration below it. See the county record above
• Views of the ocean, Biscayne Bay and the Miami skyline
• Private, resident’s porte-cochere drop-off and lobby
• The Daniel Buren-designed Canopy pedestrian bridge over Fifth Street was marketed as the link to South Pointe Park, the Baywalk and the beach. The Real Deal reported on 10 September 2026 that the bridge is stalled: Miami Beach commissioners ordered an independent engineering review of the developers’ finding that it cannot be built in its current design. The developer’s website (read 24 September 2026) still describes it as forthcoming
• Electric vehicle charging stations
OUTDOOR AMENITIES
• The adjacent 3-acre Canopy Park features
• MONSTRUM Playground, an outdoor gym, picnic areas, dog park, shaded gardens, and art installations
• The plant-filled amenity deck has sunset views of the Miami skyline and bay, visible from both the adult & family friendly pools, with shaded trellises, a sunset terrace, cabanas, lounges and a meditation deck
• Private Beach Club located South of Fifth, with lounge chairs, umbrellas and towel service
BUILDING AMENITIES AND SERVICES
• Co-working area with private offices and board rooms
• Children’s learning lab & teen club
• Screening room
• Short-term guest suites for owners’ guests were marketed with the building. A penthouse owner’s complaint, reported by The Real Deal on 28 January 2026, alleges they were not made available; the developers’ court response denies wrongdoing and says the suites are not yet available but will be. I have not found a source on the outcome
• Resident only pool bar & café
• 24-hour concierge and butler service
• Housekeeping services available
• Beach Club transportation via electric Moke 9 Fully-outfitted Gym
• Spa & Treatment rooms
• State-of-the-art fiber-optics provide high-quality internet and WiFi service from every corner of Five Park residences and amenities, even garage and elevator spaces
Five Park Miami Beach Prices
Recorded sale prices at Five Park, from the Miami-Dade deed record, retrieved 24 September 2026: the 132 homes in Park Residences closed at a 2026 median of $2,400,000 (16 sales); the 94 in Five Park Condo (Canopy) at $6,712,000 (10 sales). The two highest prices on the county record are $21,000,000 (unit 4801, February 2025) and $19,500,000 (UPH2, March 2025); The Real Deal’s 10 September 2026 report gives $19.5 million as the highest it lists. See the top of the building and what people actually paid above.
Asking prices and recorded prices differ. The developer’s website says “Prices at Five Park start at $1.25 million” (read 24 September 2026), and The Real Deal reported prices from $1.5 million at completion (27 November 2024). The county’s lowest qualified sales are below both: $447,000 for a 407 sq ft home (unit 505, December 2025) and $600,000 for a 1,016 sq ft home (unit 508, June 2026). I have not found a source that explains the difference. Ask me what is offered now and at what price.
Thinking about Five Park South Beach?
I have sold South Florida property since 2002, more than $1 billion of it. Ask me for the recorded declaration, what has genuinely closed, or a straight answer on whether this building fits what you are after.
Josh Stein · Florida real estate sales associate, license SL3057661 · (305) 695-8257 · hello@joshsteinrealtor.comGet this building’s next recorded sale — before the listing sites catch up
- Every closed sale we can verify from the Miami-Dade record — price, date, and $/sqft when the deed supports it — not an IDX feed.
- Optional alert when a new deed posts in this building (or a short list of comps you choose).
- No spam inventory blasts. One building. One record. You decide what happens next.
Tell Josh which building. He’ll send the latest closed sales and set a quiet alert.
Get the sales recordRelated coverage
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