Great choice for a first bike.
All bikes are basically made for M.Joe Average, At your size you may find it a little on the small size but then so are most of the bikes on the road. Not a big difference in rider "space" between the 500 and 1500, biggest difference would be the "thickness of the bike" rather than the distance from seat to pedals and bars.
Enjoy it, it will be a great learning tool.