Building facts
- Address
- 500 Alton Road
- Neighborhood
- South Beach
- Year built
- 2024
- Floors
- 48
- Residences
- 98
- Status
- Completed
- Developer
- Terra & GFO
- Architect
- Arquitectonica
- Pricing
- Starting at $3.2 Million
Building facts
- Address
- 500 Alton Road
- Neighborhood
- South Beach
- Year built
- 2024
- Floors
- 48
- Residences
- 227 (The Park 132 · Canopy 95)
- Status
- Delivered — TCO and first closings November 2024
- Developer
- Terra & GFO
- Architect
- Arquitectonica
- Pricing
- Starting at $3.2 Million
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. ⚠️ The grey “Building facts” box above still reads Est. 2024, 98 units and Pre-Construction. It is generated by the site template and cannot be edited from this page. 🔴 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) — not the 98, 227 or 232 published elsewhere. 217 of the 226 have already sold and 19 have resold.
Rebuilt 26 August 2026 on the Miami-Dade County Property Appraiser record, folio series 02-4204-015 and 02-4204-016. Delivery and development team: The Real Deal, 27 Nov 2024.
Key Takeaways
- 🔴 It is finished, and it has been since November 2024 — Five Park topped out and began recording closings in November 2024. 217 of its 226 homes have already sold at least once. Anything available here is a resale from an owner, not a purchase from the developer.
- ⭐⭐ 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.
- 🔴 Every published unit count for this building is wrong, including the one above — The grey box says 98. The old text said 98 plus 180. The trade press says 227. Listing sites say 232. The county says 132 + 94 = 226, and both declarations’ ownership shares sum to 100%.
- ⭐ The upper tier trades at 1.5× the lower one, in the same building — 2026 median price per square foot: $2,583 in Canopy against $1,704 in The Park. And they are moving in opposite directions — The Park is down every year since 2024, Canopy is up.
- ⭐⭐ Nineteen homes have already resold, and seven 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 two highest prices here are not the ones that got reported — $21,000,000 for unit 4801 in February 2025 and $19,500,000 for UPH2 in March 2025. The $18.5 million penthouse widely reported in February 2026 was the last one the developer had left — not the most expensive.
- 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.
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 delivered in November 2024.
Most of what is published about it — including the grey box at the top of this page — still describes a building that has not been built. 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.
🔴 And every published unit count for this building is wrong. The grey box above says 98. The text this page used to carry said 98 condominiums plus 180 “park residences”. The trade press has reported 227. Listing sites variously report 232, or 98 plus 134, or 98 plus 128. The county records 132 and 94 — 226 homes — 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.
⚠️ There is a trap here worth knowing about, because it is why the error persists. A search of 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 never learns the other declaration exists. 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 236 qualified, arm’s-length sales across the two declarations. 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 date | 14 | $1,704 | 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. 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 1.52×: $2,583 against $1,704. 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 $1,704, down 9.4% from 2024 — while Canopy’s 2026 figure is 12.1% above its 2024 one.
⚠️ Read those last columns carefully: fourteen 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.
Inside the residences
Interiors as the developer presents them — renderings, not photographs of finished homes.
Nineteen resales in under two years — and seven losses
A building delivered in November 2024 should not have a resale record yet. This one has nineteen, and it is the most informative thing in the county file.
Median holding period: 1.1 years. Median change: +6.1%. Seven of the nineteen sold for less than they cost.
| 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 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 |
| 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 two worst outcomes in the building are its 902 and 1,201 square foot homes, both in The Park. The best are its large Canopy residences. A buyer who paid a Five Park price for a Five Park address, in the smallest floor plan the building offers, has done worst.
By tier: The Park has recorded five resales and three 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 the sale of a Five Park penthouse for $18,500,000 was widely reported as the building’s final penthouse, against a $21 million asking price. That is accurate — it was the last one the developer had left.
🔴 It was not, however, the highest price in the building, and two larger sales had already closed a year earlier:
- 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 record here.
- 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.
⚠️ One correction worth making explicitly, because this page carried the wrong figure itself. The $18.5 million sale has been reported at $3,053 per square foot. On the county’s recorded area of 5,500 square feet it is $3,364. The lower figure implies an area of about 6,059 square feet, which the county does not record for that home. We are using the county’s number and flagging the discrepancy rather than choosing quietly.
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 the best-located new tower in 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 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 two worst outcomes recorded in this building are its 902 and 1,201 square foot homes, and The Park’s median price per square foot has fallen in each of the last two years. 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 1.5× apart.
Verified 26 August 2026 against the Miami-Dade County Property Appraiser record for both Five Park declarations: PARK RESIDENCES CONDO (folio series 02-4204-015, 132 folios) and FIVE PARK CONDO (folio series 02-4204-016, 94 folios). Every folio was retrieved individually and the undivided ownership shares sum to 99.9987% and 100.0007% respectively, so the record covers both declarations in full. 🔴 The second declaration is not reachable from the address: a complete sweep of 500 Alton Road returns 134 parcels against the county’s own total of 134, and holds only the 132 Park Residences homes plus two land parcels. The upper tower was found by walking the Miami Beach folio series. This is why published unit counts for this building — 98, 227, 232, 98+134, 98+128 — disagree with each other and with the roll. Sale figures are qualified, arm’s-length transactions above $200,000. Resale pairs are computed on adjacent transactions only, with both legs qualified and no row of any kind in between. ⚠️ The 2026 figures rest on 14 sales in The Park and 10 in Canopy and are reported as levels, not trends; the divergence between the two tiers is supported by three consecutive years in each. ⚠️ The $3,364 per square foot figure for the February 2026 penthouse uses the county’s recorded area of 5,500 sq ft; the $3,053 figure reported elsewhere implies an area the county does not record, and both are stated. Delivery date, developers, architect and interior designers are from the trade record, not the county. Re-check when the next tax roll publishes.
Five Park Miami Beach — Frequently Asked Questions
Is Five Park still pre-construction?
No. Five Park was delivered in November 2024 and 217 of its 226 homes have already recorded a sale. The developer’s inventory is gone. Anything available is a resale from an owner. The grey “Building facts” box at the top of this page still says Pre-Construction and Est. 2024; it is generated by the site template and cannot be edited from here.
How many units are in Five Park?
🔴 226, in two separate condominiums — and almost every published figure is wrong. 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%. Published counts of 98, 227 and 232 do not match the roll.
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 the county records a median of $1,704 per square foot in The Park (14 sales, median price $2,400,000) and $2,583 in Canopy (10 sales, median price $6,712,000) — Canopy at 1.52× 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. Nineteen homes have resold, at a median of +6.1% over a median 1.1 years — and seven of the nineteen 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 losses cluster in the smallest floor plans.
What is the most expensive sale at Five Park?
$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 $18.5 million penthouse widely reported in February 2026 was the last unsold penthouse, not the most expensive; on the county’s recorded area it worked 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 26 August 2026)miamidade.gov
- The Real Deal — “Closings begin at Martin and Galbut’s $1B Five Park tower, tallest in Miami Beach”, 27 November 2024therealdeal.com
Interested in buying at Five Park Miami Beach?
Five Park was delivered in November 2024 and the developer’s inventory is gone. Anything available here is a resale. 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
• Unparalleled views of the ocean, bay, and Miami Skyline
• Private, resident’s porte-cochere drop-off and lobby
• Ease of connectivity to South Pointe Park, the Baywalk, the Miami Beach Marina and the beach via the Daniel Buren-designed Miami Beach Canopy pedestrian bridge
• 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 verdant, plant-filled amenity deck boasts breathtaking sunset views of the Miami skyline and bay, visible from both the adult & family friendly pools. The expansive space also offers unmatched relaxation with shaded trellises, a sunset terrace, numerous cabanas and lounges, and 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
• Luxury short term guest suites for friends and family
• 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 26 August 2026: the 132 homes in Park Residences closed at a 2026 median of $2,400,000; the 94 in Five Park Condo (Canopy) at $6,712,000. The two highest prices in the building are $21,000,000 (unit 4801, February 2025) and $19,500,000 (UPH2, March 2025). See what people actually paid above.
Related coverage
Part of Miami Pre-Construction Condos.