The proposed Loft 4 condo tower with workforce housing in Downtown Miami won't be built anytime soon.
The Related Group, the project's developer, has shelved plans to build the 36-story tower with modestly priced units between $140,000 and $450,000 in the heart of Miami's central business district, according to the South Florida Business Journal.
The project was proposed to have 404 one and two bedroom units ranging in size from 630 square feet to 1,066 square feet. Construction was scheduled to be completed in fall 2010.
News of the terminated tower comes as the Related Group, one of the nation's largest condo developers, has confirmed plans to create a opportunity fund to purchase distressed condo units at a discount.
It's not too much of a stretch to see the Loft 4 cancellation as a sign that the real estate downturn is heading into the next phase of the cycle - Vulture buying.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to sign up for Peter’s weekly Market Intelligence Report.
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