An LLC tied to waste management mogul Patrick Dovigi’s company paid $17.5 million for a penthouse at Five Park in Miami Beach.
The developer, a joint venture between Russell Galbut’s GFO Investments and David Martin’s Terra, sold penthouse 4702 at 500 Alton Road, records show. A company managed by Luke Pelosi that lists the address for the headquarters of Dovigi’s Toronto-based GFL Environmental purchased the unit.
Pelosi, executive vice president and chief financial officer of GFL Environmental, may be the true buyer. He’s been with GFL since 2015, according to its website.
Dovigi’s GFL Environmental is now one of the largest waste management companies in North America following its 2018 merger with Waste Industries, an American company, according to published reports.
The four-bedroom, six-and-a-half-bathroom condo at Five Park has 5,888 square feet of interior space and an 1,868-square-foot wraparound balcony, according to the listing. Douglas Elliman’s Chris Wands and Charlotte Maietto brokered the deal. The agents declined to comment.
The penthouse, which was asking $20 million or $3,397 per square foot, sold for $2,972 per square foot.
Dovigi was named the wealthiest CEO in Canada, according to the Canadian Centre for Policy Alternatives, with a net worth of more than $1 billion.
He’s familiar with South Florida. In April, he paid $27.5 million for a waterfront estate on the Sunset Islands, also in Miami Beach. The purchase followed his $69.5 million sale of a partially built Bal Harbour mansion, which set a record in the village. In 2023, he sold a Fisher Island condo for $20 million.
Five Park, completed last year, is the tallest building in Miami Beach. The 48-story, 227-unit condo tower includes two condominium associations: the Park, with 132 units on floors eight through 25, and Canopy Residences, with 95 units starting on floor 26.
Earlier this year, Daniel Krizek, a biotech fund manager at Citadel’s Surveyor Capital, paid $19.5 million for an upper penthouse at Five Park. Other unit owners in the building include developer Diego Bonet, Jimmy Resnick, Clean Skin Club CEO Aviran Mulain, and Stephanie Dorrance, the ex-wife of Campbell’s Company heir John Dorrance.
The development has about 50,000 square feet of amenities, including a sixth-floor club level, a pool deck with cabanas, gym and spa, co-working space, and a private members’ club on the 26th floor. The property also includes the 3-acre Canopy Park, which the developers built on the adjacent site in exchange for extra height.
Read more
Residential
South Florida
Billionaire Patrick Dovigi pays $28M for waterfront Sunset Islands home
Residential
South Florida
Biotech fund manager buys penthouse at Martin and Galbut’s Five Park tower
