Billionaire Patrick Dovigi Acquires Luxurious Penthouse at Miami Beach’s Five Park

In a significant transaction, a company associated with waste management tycoon Patrick Dovigi has purchased a stunning penthouse at Five Park, Miami Beach, for $17.5 million. The deal was facilitated by a joint venture led by Russell Galbut’s GFO Investments and David Martin’s Terra.

Overview of the Purchase

• Penthouse Details:
  • Location: 500 Alton Road, Miami Beach
  • Unit: Penthouse 4702
  • Size: 5,888 square feet of interior space
  • Balcony: 1,868-square-foot wraparound balcony
  • Bedrooms/Bathrooms: 4 Bedrooms, 6.5 Bathrooms
  • Price per Square Foot: Purchased at $2,972, asking price was $20 million ($3,397 per square foot)

The acquisition was made through a company managed by Luke Pelosi, the executive vice president and CFO of GFL Environmental, which operates from Toronto. Given his significant role within GFL, it’s believed that Pelosi may be the primary buyer behind this luxurious purchase.

Who is Patrick Dovigi?

Patrick Dovigi is a prominent figure in the waste management sector, recognized as one of Canada’s wealthiest CEOs with a net worth exceeding $1 billion. His company, GFL Environmental, ranks among the largest waste management firms in North America following a notable merger with Waste Industries in 2018.

Recent Real Estate Ventures

Dovigi has a growing portfolio in South Florida real estate:

• Waterfront Estate: Acquired a waterfront home on the Sunset Islands for $27.5 million in April.
• Record Sale: Recently sold a partially built mansion in Bal Harbour for $69.5 million, setting a village record.
• Fisher Island Condo: Sold for $20 million earlier in 2023.

Five Park: A New Architectural Marvel

Completed in 2022, Five Park is now the tallest structure in Miami Beach, comprising 48 stories and 227 residential units. The building features:

• Amenities: Approximately 50,000 square feet of amenities, including:
  • A sixth-floor club level
  • Pool deck with cabanas
  • Gym and spa facilities
  • Co-working space
  • Exclusive members’ club on the 26th floor
• Canopy Park: A 3-acre green space adjacent to the building.

Notable Residents

Other prominent figures residing in Five Park include:

• Daniel Krizek, a biotech fund manager from Citadel, who recently bought an upper penthouse for $19.5 million.
• Diego Bonet, a notable developer, and other affluent individuals connected to various industries.

Market Insights

This purchase reflects the growing trend of wealthy individuals investing in luxury real estate in South Florida. With its prime location, extensive amenities, and architectural significance, Five Park is positioning itself as a premiere residential destination for elite buyers.

For more insights into the Miami luxury real estate market, consider visiting Zillow’s Miami Listings.

Explore further on the lifestyle and properties available in this vibrant region through established real estate platforms such as Realtor.com, providing comprehensive listings and market trends.

Experience the elegance and exclusivity of living at Five Park is becoming increasingly sought after for discerning buyers like Dovigi, showcasing not only opulence but also a thriving community and lifestyle that South Florida has to offer.

With such high-profile purchases and a strong luxury market, Five Park stands as a testament to the ambitions and aspirations within Miami Beach’s real estate sphere.