The Real Deal Miami

Developer stops sales for Gulfstream condo project

Gulfstream Park Tower was reportedly 80 percent presold in December

July 12, 2015 11:00AM

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Rendering of Gulfstream Park Tower

Rendering of Gulfstream Park Tower

The developer of Gulfstream Park Tower, a planned 182-unit condominium at Gulfstream Park, has suspended pre-construction sales of units.

Brokerage firm ISG World classified the development of Gulfstream Park Tower as a “cancelled” project in a quarterly report on the condo market in the Miami-Fot Lauderdale corridor.

The developer of Gulfstream Park Tower instructed sales representatives to stop selling units, a spokesperson for ISG World told the South Florida Business Journal.

Gulfstream Park Tower is designed as a 27-story building with 182 units that would range from 615 square feet to 1,814 square feet. Stronach Group was requiring 45 percent purchase deposits.

Soaring construction costs may have been a factor in the suspension of unit sales. Presales appeared strong. ISG World reported in December that 80 percent of the planned building’s units had been presold.

The Hallandale Beach City Commission approved construction of the developer’s plan to build a 21-story condominium atop an existing five-story parking garage.

Stronach Group initially had planned to finish construction of the condo building by late 2016. [South Florida Business Journal] — Mike Seemuth