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Foreign Group Proposes New Oceanfront Condo Tower For Miami Beach
Foreign Group Proposes New Oceanfront Condo Tower For Miami Beach
Published on 10/3/2011 4:00:00 AM

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A once-proposed new condo tower fronting the Atlantic Ocean in Miami Beach is being revived after several years of inactivity by a development group from Argentina, according to a new report from CondoVultures.com

The “Saxony Hotel & Condominium” project – originally slated as the 67-unit Cipriani luxury tower – is scheduled to be discussed as a "new application" at the upcoming Miami Beach Historic Preservation Board meeting on Oct. 11 in South Beach. 

Designed by internationally acclaimed architect Norman Foster of the United Kingdom, the proposed tower is slated for a 62,500-square-foot vacant site in the 3300 block of Collins Avenue immediately north of the partially refurbished 60-year-old Saxony Hotel, according to the Miami Herald.

“The applicant is requesting approval for the substantial re-design of the new multifamily building, as well as for substantial modifications to the interior and exterior design of the existing Saxony Hotel, including modifications to the site plan and landscape plan,” according to the Miami Beach Historic Preservation Board Agenda. 

As the South Florida real estate market was changing, a development group purchased the land – plus a third lot on the west side of Collins Avenue – for $102 million in November 2007, according to the Miami-Dade County Property Appraiser’s Officer.  

The project’s corporate ownership entity - which planned to refurbish the hotel and develop the condo tower - remains the same although the member names changed in March 2011 to include Alan Faena and Sergio Jalife, according to Florida Secretary of State records. 

Faena is an Argentine developer credited with jumpstarting the residential and nightlife in the Puerto Madero port area of Buenos Aires, according to the Miami Herald. 

Faena's group reportedly hopes to replicate their Argentina success in the 20-block stretch of Miami Beach between South Beach’s northern border of 24th Street and the Fontainebleau Miami Beach resort at 44th Street. 

“We said, if [we] want to grow, let’s go to Miami,” Faena told the Miami Herald. “We found this fantastic piece of land and quietly we have been buying. Our dream is to do what we did here in Buenos Aires – create something really special working with the best minds in the world.” 

A search of Miami-Dade County deeds and Florida corporate records in the names of Faena and Jalife did not produce any results as of Oct. 2, 2011.

The "Saxony Condominium" is the 12th new tower - with more than 3,150 units - proposed east of Interstate 95 in the tricounty South Florida region in 2011, according to the CondoVultures.com Preconstruction Condo List.

The new highrise condos are proposed for South Florida despite 5,400 units still remaining unsold from the real estate boom that began in 2003 as of June 30, 2011, according to a recent CondoVultures.com report

At the current 2011 sales pace, South Florida’s unsold developer units would be sold out in 2013. 

In South Beach, more than 21 percent of the nearly 5,600 units created since 2003 remain unsold and in the control of the original developers as of June 30, 2011, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

The unsold developer units in South Beach are on pace to be acquired in about 93 months, according to recent CondoVultures.com reports.   

South Florida's decreasing unsold condo inventory is spurring investment in former development sites throughout Miami-Dade, Broward, and Palm Beach counties. 

At least 11 transactions for vertical condo development sites have occurred in Greater Downtown Miami - the epicenter of the South Florida condo crash - in 2011, according to a recent CondoVultures.com report

In total, nearly 125 development sites exist in the Greater Downtown Miami market that is comprised of the Brickell Avenue Area, Downtown, and the Biscayne Boulevard Corridor, according to the Miami Herald.

CondoVultures.com is scheduled to profile the latest condo trends in the third quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
 
Beginning the week of Oct. 20, 2011, the Condo Vultures® Market Intelligence Report™ is scheduled to begin publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

It is important to note there are various stages to a residential real estate transaction in South Florida. 

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.  

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.  

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale. 

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517. 

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™

© Copyright 2011. Condo Vultures® LLC. All Rights Reserved.  


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