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The developers of the new Five Park condo tower in South Beach recently started sales. This is a huge milestone for the project. Developers Russell Galbut and David Martin are joining a group of condo developers who have started sales this year. Right now, demand for luxury condos is high, and therefore it is a good time for this milestone.
The new Five Park condo tower will be 48 stories, and 519 feet tall. In addition, it will feature 98 condos and 180 “park residences,” which will be rentals or condos. The condos are going to range from 1,434 square feet to 6,000 square feet. In addition, they will come with two to five bedrooms. They will also have private elevator entrances, 10-foot ceilings, and floor to ceiling sliding doors. Unit prices start at $2.5 million.
Furthermore, the condos will be on floors 30 to 48. In addition, the building is going to have around 40,000 square feet of amenities. The amenities will include a pool deck, a clubhouse, electric car charging stations, co-working space, a gym, spa, and much more. As part of the amenities, the condo tower will also feature short-term rental suites.
The developers organized a brokers’ event this month, but the formal sales launch will happen later this year. During the pandemic, Galbut and Martin secured one of the largest loans to close in South Florida at the time for the project. The park that is part of the project is expected to be completed this year. As for the tower, it is expected to be delivered during the fourth quarter of 2023.
