Five Park in Miami Beach | The Developer’s Superb Reputation

The Investment Potential of Five Park Miami Beach

We have written various articles about Five Park in Miami Beach, which is one of the only pre-constructions condos that are currently being built in Miami Beach. One thing that we think is worth mentioning is the project’s developer. David Martin of famous Miami development firm Terra is the mastermind behind this brand new project and this is reason enough for us to believe this will becomes a great project.

Terra is the developer of two of Miami’s best performing condo projects; Eighty Seven Park and Park Grove. Both projects have much in common with Five Park. Both are oval shaped condo towers that were designed by renowned architects, both offer several large and excellent floor plans and are located in or next to a park. Both Park Grove and Eighty Seven Park have been extremely successful in reselling, have seen prices increase over time and both towers are seeing a very limited amount of inventory as nobody who bought there actually wants to sell.

The Floor plans

• Five Park offers several really great floor plans. Five Park offers two spectacular corner units one being the 01 line that offers 3,186 SF and 4 bedrooms overlooking the bay and the ocean. The other one being the 03 line offering 2,615 SF and 3 bedrooms. This lines overlooks the ocean, the bay and the park. All units have private elevator access, 10-foot ceilings and 10 Ft deep terraces.
• Park Grove’s top performing unit is the A line.  This 3,592 SF corner residence with 4 bedrooms and a den or family room offers mesmerizing bay views. It also offers private elevator access. The condo offers 12ft ceilings and deep terraces, although the terraces are not wrap-around. The D Line is also a desired line, which is the other corner offering 2,917 SF and 3 bedrooms.
• Eighty Seven Park’s most desired floor plans are the 01 line and the 02 line. The 02 line is the southeast facing unit, which offers ocean and park views. The 2,467 SF unit offers 3 bedrooms and private elevator access. If you go up in the tower the units become larger with 5 bedrooms and over 4,000 SF. The o1 line offers 2,421 SF, 3 bedrooms and private elevator access. Eighty Seven Park Miami Beach is known for its deep and expansive terraces that can be as large as 50%-70% of their interior space and 40% of the total SF of the condo.

As you might have noticed, Terra’s floor plans provide for a great flow, master bedrooms with water views, private elevator access and plenty of space for outdoor living.

The Signature Parks

• Five Park offers an adjacent 3-acre Canopy Park, which features a MONSTRUM Playground, an outdoor gym, picnic areas, dog park, shaded gardens, and art installations. Some of the best practices across South Florida and worldwide were surveyed to help refine strategies that will allow Canopy Park at Five Park to become a beacon of sustainability through its resort soil health, native plant communities, green infrastructure techniques, and low impact development solutions. The park is open to the public but will not have rest rooms to avoid people staying overnight.
• Park Grove is located in a 5.2-acre waterfront park with over 50,000 Sq.Ft of amenities and a major collection of art, displayed throughout the property. The park is created by landscape architect Enzo Enea who created a harmonious landscape.
• Eighty Seven Park sits between a 35-acre oceanfront park to the south and private 2-acre park to the north that are being designed by West 8 landscape architects. The oceanfront park is public and urban planning & landscape firm West 8—most well-known for its Governors Island master plan in New York—is redesigning it for the future.
  Terra President David Martin agreed to fund $10 million in improvements for North Beach, $6 million of which has been designated for the redesign of North Shore Open Space Park.

Excellent Architecture

Terra only works with the best architects and designers and therefore offers top quality product. For Five Park they are working with Arquitectonica, which is one of Miami’s most desired architecture firms while Gabellini Sheppart is a very strong name out of NY

High Demand and Low Supply

Park Grove (Tower 1 and 2) as well as Eighty Seven Park are highly desired projects. We have many clients looking for units at both condos, but they cannot get into one, because nobody wants to sell! Units are either rented for a really good return on investment or the owners actually live there and do not want to move.

We have asked all owners of the 02 Line at Eighty Seven Park if they are willing to move, nobody wanted to move not even for 30% over the last sales price. We have noticed the same trend for the A line at Park Grove. This was happening already in 2020 when the condo market was not as hot as today.

Currently One Park Grove has no inventory whatsoever. Based on the performance of these two condos, we have high expectations for Five Park.

The Value of Five Park Miami

Five Park starts selling at $2.5M for the 2 bedroom units that offer 1,400SF. Five Park is selling in pre-construction at approximately $1,800 or $1,850 per SF. The 01 and 03 lines are currently trading in the $7M range. Comparing Five Park’s asking prices to other newer condos on the Beach we see it will be competing with condos such as 1 Hotel and Homes, Fendi, Beach House 8, L’Atelier and Oceana Bal Harbour.

Prices are also in the same price per SF range as Continuum and St Regis, which are desired condos built before 2015. All of these condos are located right on the sand. This is however one of the only new condo projects in South Beach and South of Fifth. Whether this is worth the value depends on your floor plan, the level of finish we will be seeing and the specific price of the unit.

Please contact David Siddons at (305) 508.0899 for specific prices per unit and for a more in-depth comparison between the different condos and specific floor plans!