Quick answer: Dues here run about $1.85 per square foot per month, the highest of any building in this series, and the smallest residence is 1,434 square feet. Multiply them and the entry-level owner pays roughly $31,800 a year in association dues alone, before property tax, insurance or a mortgage. That number, not the price per foot, is what owning at Five Park actually costs, and it is the first thing to model.
The highest running cost in this series
| Building | Dues per square foot | Smallest residence | Annual dues on it |
|---|---|---|---|
| Five Park | $1.85 | 1,434 sq ft | about $31,800 |
| SLS LUX Brickell | $1.63 | 553 sq ft | about $10,800 |
| Aston Martin Residences | $1.25 | not published | about $22,500 on 1,500 sq ft |
| Brickell House | $1.07 | 644 sq ft | about $8,300 |
| Murano Grande | $0.70 | not published | about $24,600 on a three-bedroom |
Two effects compound here, and most comparisons miss the second.
The rate is the highest we have measured. That is a choice, and it funds a genuine amenity programme in a building marketed at the top of Miami Beach.
The floor area is also the highest. There is no studio, no one-bedroom, no small door. The smallest residence is 1,434 square feet, so the lowest possible dues bill in the building is already substantial. In towers with small units an owner can take a position at the bottom of the price list and the bottom of the monthly cost. Here both floors are raised together.
For an owner-occupier that is a lifestyle decision at a knowable price. For anyone modelling yield it is decisive: $31,800 of dues on an entry residence is a very large share of achievable annual rent in Miami Beach, and the six-month rental floor removes any seasonal premium that might have offset it.
Next door is twenty-one years older
Five Park sits at 500 Alton Road. Murano Grande sits at 400. Same street, same neighbourhood, adjacent addresses.
| Five Park | Murano Grande | |
|---|---|---|
| Completed | 2024 | 2003 |
| Storeys | 48 | 37 to 38 |
| Residences | 226 | 270 |
| Dues per square foot | $1.85 | $0.70 |
| Milestone inspection | near 2049 | near 2028 |
| Minimum lease | 6 months | 6 months |
This pair is the clearest illustration in South Beach of the trade every Florida buyer makes. The older building costs less than half as much to run each month and carries a structural inspection two years away. The newer one costs more than twice as much monthly and has no structural event for twenty-three years.
Neither is the right answer in the abstract. The right answer depends on whether the older building’s reserve study shows a funded association, because if it does, the low dues are genuine efficiency and the 2028 inspection is a scheduled event. If it does not, the gap between $0.70 and $1.85 is partly the difference between paying now and paying later.
That is why this page and that one should be read together, and why the reserve study of the older building is the document that prices both.
Six months minimum, on the highest cost base
The rental rule is a six-month minimum lease, placing Five Park in the strict tier alongside Murano Grande, Echo Brickell, Quantum on the Bay and Jade Ocean.
For a building with the highest dues in the series, that combination produces the weakest yield case we have covered. The owner carries roughly $31,800 a year in dues on the smallest residence, cannot let for less than six months, and therefore cannot access the winter premium that South Beach generates.
This is not a criticism of the building, and it is worth being explicit about why. Five Park is not built or priced as an income asset. It is built as a residence at the top of Miami Beach, and its rules protect that use by keeping transient occupancy out. Buyers who want the address and will live in it are getting exactly what the documents promise.
Buyers arriving with a spreadsheet should run it honestly and then decide whether they are buying a home or an investment, because at these numbers it cannot be both.
Confirm the clause in the recorded declaration with amendments.
A 2024 building, and what that removes
A 2024 certificate of occupancy places the 25-year coastal trigger near 2049. There is no structural question, no deferred concrete, no reserve catch-up, and no assessment history to read. Under the SB 4-D milestone framework this building is at the beginning of its cycle rather than the end.
What a new building lacks is operating history. There is no completed reserve cycle and no evidence of how the board behaves under pressure, and in a building with dues this high the trajectory matters more than the level. Request every year of dues history that exists, the reserve study and its funding percentage, and compare the developer’s projected budget with the association’s first adopted one. The gap between those two documents is the most honest early indicator of where dues are going.
Insurance is the line to watch hardest. The master policy sits inside the dues, coastal condominium premiums have repriced every year since 2022, and Miami Beach waterfront sits at the demanding end of that market. Part of the $1.85 is insurance, and a buyer should ask what share. See the Florida property insurance guide and the Miami area page.
What the money buys
It is worth stating the case for the building rather than only its cost.
At 48 storeys and 518 feet it is the tallest tower in Miami Beach, on one of the most constrained sites in South of Fifth, adjacent to a three-acre park. Arquitectonica architecture with Gabellini Sheppard interiors, developed by Terra Group with GFO Investments, is a first-rank combination. Residences from 1,434 to 6,000 square feet mean genuinely large floor plans rather than the compact layouts that dominate new Miami supply.
There is also scarcity. Miami Beach permits very little new height, and a 2024 tower of this scale in this neighbourhood is unlikely to be repeated nearby. That is a real argument for the price per foot, though not for the dues, which are an operating figure rather than a scarcity one.
Financing at this price point
Asking prices run about $908,160 to $14,900,000, so transactions span from conventional-eligible ticket sizes to firmly cash territory.
Obtain a written project eligibility determination before offering, and ask specifically about the amenity programme and any hotel-style services, since resort-grade offerings can raise questions on a lender’s project questionnaire. Where a project is non-warrantable the conventional thirty-year loan is unavailable building-wide, leaving cash, portfolio lending or a DSCR loan underwritten on rent at a larger deposit. Overseas buyers work through foreign national mortgage programmes.
At $1.85 per foot, a lender assessing debt service will also count the dues, and on a 1,434 square foot residence that is $2,653 a month added to the housing expense calculation before any mortgage payment. That materially affects qualification and it surprises buyers who budgeted from the purchase price alone.
Verification checklist before you wire
- Compute the annual dues on the specific residence at $1.85 per foot and treat that figure as the true cost of ownership.
- Ask what share of dues is insurance premium and what share is reserve contribution.
- Request the developer’s projected budget and the association’s first adopted budget, and compare them line by line.
- Get the reserve study and funding percentage even though the milestone is decades away.
- Confirm the six-month minimum in the recorded declaration with amendments.
- Get the billed square footage as the association charges it, not the marketed figure.
- Obtain a written lender project eligibility determination, and confirm how the lender treats dues in qualification.
Which buyer this building suits
It suits an owner-occupier or second-home buyer who wants the best new address in South of Fifth, will use the amenities, and treats roughly $31,800 a year on an entry residence as the cost of living there. For that buyer the building delivers precisely what it promises and the scarcity argument is real.
It suits an income investor least well of any building in this series, and the arithmetic is not close. The highest dues, the largest minimum residence and a six-month letting floor combine to produce a running cost that annual Miami Beach rent will struggle to cover. Buy it to live in. If the spreadsheet is deciding, the spreadsheet will point to the building next door, and it will be right for a different reason than most buyers assume.
Frequently Asked Questions
About $1.85 per square foot per month, the highest figure in this series. On the smallest residence at 1,434 interior square feet that is roughly $2,653 a month, or about $31,800 a year, before property tax, unit insurance or any mortgage. The dues are the dominant recurring cost of owning here.
Completed in 2024 at 500 Alton Road, Miami Beach FL 33139, in South of Fifth. It rises 48 storeys to 518 feet, making it the tallest tower in Miami Beach. It holds 226 condominium residences, with some sources quoting 232 across the wider complex, from 1,434 to 6,000 interior square feet in two to five-bedroom layouts.
A collaboration between Terra Group under David Martin and GFO Investments under Russell Galbut, with architecture by Arquitectonica and interiors by Gabellini Sheppard. The tower sits adjacent to a three-acre Canopy Park.
A six-month minimum lease. That places Five Park in the strict tier: one annual tenant, no seasonal or medium-stay model. Combined with the highest dues in the series, the yield case here is the weakest of any building we have covered.
They sit on adjacent Alton Road addresses and are twenty-one years apart. Murano Grande was completed in 2003 with dues near $0.70 per foot and a milestone inspection around 2028. Five Park was completed in 2024 with dues near $1.85 and a milestone around 2049. Same street, opposite ends of every variable that matters.
A 2024 completion places the 25-year coastal trigger near 2049, so there is no structural question inside any realistic hold. What you are paying instead is a high fixed operating cost from the first month, which is the trade a new building always offers.
Model the true monthly cost at Five Park before you offer
Tell us the residence size you are considering. We will come back with the annual dues at $1.85 per foot on that unit, the insurance and reserve split, the first adopted budget against the developer's projection, and a side-by-side with Murano Grande next door on cost and milestone.