For more than 15 years, South Beach’s skyline above the South of Fifth neighborhood remained largely unchanged. No major high-rise broke ground. No significant residential tower was delivered. Five Park at 500 Alton Road ended that period.

Developed by Terra Group and GFO Investments and designed by Arquitectonica, Five Park rises 48 stories and 518 feet above South Beach — making it the tallest residential building on Miami Beach island. The building has been delivered and is now an active resale market, with current asking prices ranging from $1.649 million to $16 million as of March 2026.

The project’s significance is not only architectural. Five Park introduced a three-acre public park — Canopy Park — directly adjacent to the building, along with a Daniel Buren-designed pedestrian bridge connecting the South of Fifth community to the broader Miami Beach waterfront network. These are public infrastructure contributions that reshape the neighborhood’s walkability and character beyond the building itself.

For buyers and advisors tracking luxury condos in South Beach, Five Park represents a delivered asset in a neighborhood with virtually no comparable new supply. Its resale market is now the primary lens through which South of Fifth’s luxury condo pricing is evaluated.