A quick revival appears unlikely for a stalled condominium development at Gulfstream Park in Hallandale Beach.
Canada-based Stronach Group, the developer of the 182-unit condo, suspended pre-construction sales in July at what would be the first condo development in South Florida on the grounds of a parimutuel gaming facility.
Peter Zawleski, principal of consulting firm CondoVultures.com, said Stronach may opt to wait two or three years to revive the development, called Gulfstream Park Tower.
“It’s hard to imagine that Gulfstream Park Tower could be successful in this cycle,” Zawleski told the Sun-Sentinel.
Developers have built or planned 7,600 condo units in Broward County since 2011, almost half of them in the Hollywood-Hallandale Beach area, according to Cranespotters.com.
Keven Klopp, director of development services for Hallandale Beach, said Stronach suspended the development because of issues related to parking.
Zawleski said another factor was the death of a executive member of the Stronach development team.
Stronach officials were unavailable for comment.
Klopp said he expects Stronach to eventually submit new plans for the project as required: “They have a lot of vested development rights that they’re going to cash in. It’s just a matter of time.” [Sun-Sentinel] — Mike Seemuth