Foundation work is now underway for the 519-foot tall Five Park residential tower in South Beach.

Five Park will become the tallest building ever built in Miami Beach and an “iconic landmark,” developers have said.

A notice of commencement stating that demolition, sitework, and foundation work for the tower was beginning was filed with the county on April 30.

A $345 million construction loan that will fund the project was obtained by the developers from Blackstone and Apollo Global Management in March.

The 48-story tower will include 280 residential units.

A three-acre public park is also under construction by the developer as part of the approval and will be completed in Summer 2021.

There will also be a pedestrian bridge across 5th Street connecting the park to the baywalk. Read More: The Next Miami