November 2, 2017
HFZ Capital Group is canceling the Fasano Residences, a 67-unit luxury condo redevelopment project planned on the location of the famed Shore Club in Miami Beach. According to Jay Parker, CEO of Douglas Elliman Florida, the New York developer began reaching out to buyers on Friday and is in the process of returning deposits.
Douglas Elliman sales director, Jorge Sanchez, confirmed the sales center is officially closed. Ziel Feldman, HFZ's founder and managing principal, could not immediately be reached for comment.
The Fasano Shore Club Residences was approximately 40 to 45 percent presold, which is estimated to be about 25 to 30 of the 67 units.
Fasano Residences joins other canceled projects in the area due to the challenging condo market. The Related Group canceled the Auberge Residences & Spa Miami luxury condo project and returned buyers’ deposits earlier this year. Two other South Florida projects, H3 Hollywood and One Bayfront Plaza, have also been canceled and will be revived as rental buildings instead.
Source: The Real Deal
