An outdoor living room is under construction in Miami Beach, steps from the South of Fifth neighborhood.

Construction started on the three-acre Canopy Park in late July, according to David Martin, president of Terra. Canopy Park is a key feature of 500 Alton, the 330-unit project between 600 and 700 blocks of Alton Road by development firms Coconut Grove-based Terra, Edgewater-based Crescent Heights and Buena Vista-based New Valley.

Canopy Park is the first of three phases of construction for the development, which includes a residential tower, retail space and bridge. The approximately $8 million park is expected to be completed by summer 2021.

“Green space is integral to making a community special. This will add value for the residential tower and the community,” Martin said.

Construction on the approximately $150 million residential tower and adjacent two-story, 15,000-square-foot retail pavilion is expected to start during the first quarter of 2021. Developers have yet to determine whether the tower will be a condominium, apartment or a hybrid of both, Martin said.