Auberge Miami Cancels Reservations; Returns Deposits
Despite maintaining that the project is “on hold” and not “cancelled”, Related Group is cancelling the reservations and refunding deposits to the pre-construction buyers in Auberge Miami. Last April, the first of the three planned towers was reported to be 20% in reservation, contracts were to be delivered shortly and groundbreaking was scheduled for early 2017. When the sales screeched to a roaring halt, the project was officially put on hold until at least 2018.
“We are selling, and as soon as we get to our (desired) presales we will start construction. The sales center is open,” Related’s condo division president, Carlos Rosso told us in August as they delayed the project. Now that the reservations are cancelled and the deposits returned, I take that to mean that they are no longer selling. The developer’s website for the project has also gone dark and their social media accounts have been quiet since November.
It is possible that the formal cancellation has taken place so that Related can later sell the apartments at a higher price. The buyers we had in the project were given an amazing price, which is one of the reasons we are so disappointed to hear of the cancellation. When completed, Auberge was supposed to have 1,400 units in 3 towers on a 2.8 acre build site at 14th Street and Biscayne Boulevard. The first tower was the only one to open sales and had units priced between $350,000 to $3.9 million.
This isn’t the only project in the works that is “on hold.” Related’s other mega project, One Brickell is also on hold indefinitely. The website is down and the leases in the existing office building have been renewed without the kickout clauses that are used when a new tower is moving forward. If built, One Brickell will bring three new towers to the corner of 5th Street and Brickell Avenue. The first would be a 75 story hotel and condo tower, then a 57 story residential tower and an 82 story third tower that will likely be residential as well. Prices were reported to begin at $700,000 but sales did not officially start.