skrew
/ 2008-07-30 16:19
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Bywalec forum
Ale w Stanach wydaje się ma się na stypę.
Current Commentary -- Where Are We Now?
(Friday July 25, 2008 AM):
S. Florida Real Estate Update: As a CyclePro news scoop: Just south of the Trump Towers project is the construction site for the luxury Solis highrise condos. The developers have run out of money and construction has ceased. The only activity at the site this week is the presence of a lone security officer. The cranes are idle, no wet cement flowing to the upper floors, the entire building carcass is fully exposed to the elements of nature. This is not a good time for a large project like this to cease construction midway -- we are early in the hurricane season. The Solis condos were supposed to sell for $900,000 and up. The Solis was the south-most property that would have unobstructed eastern and southeastern ocean views. The parking garage floors are higher than the Tropicana condo just to its south, so that all Solis units are well above the Tropicana roof. Construction was stopped at the topmost parking floor, the first residence floor was just about to be started.
Right between the Solis and Trump Towers is the Ocean Palm Motel. It was sold last year to developers of Chi Miami who also had made plans to build an ultra-luxury highrise condo. Chi was to include Bentley shuttle service. Fortunately for them, they chose to suspend the project before demolishing Ocean Palm an starting their own construction. The Chi condos are only one unit per floor, which means 6000 square feet (4700 inside plus 1300 oceanside terrace) and each unit terrace includes its own private pool. Prices were to start at $5.2M per unit.
If the Solis developers do not find new funding soon to continue construction, the current building will be an unsightly blemish for the Sunny Isles Beach skyline. The developers will have to hope that the building does not get overgrown with mold, because if sufficiently severe, the entire project may have to be dismantled before any renewed construction can begin.
Of the 9 highrise condos currently under construction in the Sunny Isles Beach area, the Solis is the first to run out of money and halt construction. At CyclePro, I had previously predicted that at least 1/3 to 1/2 of these projects would go belly up before they finished and Solis is helping to see that prediction though.