Argentine developer Alan Faena and the Saxony Hotel and CondominiumThe long-delayed Cipriani luxury tower in Miami Beach is being revived by a development group in Argentina, according to Condo Vultures. Now a new, Norman Foster-designed tower is slated for a 62,500-square-foot site just north of the Saxony Hotel, which will also undergo renovations as part of the project.

A development group first purchased the Collins Avenue land for the Saxony and a new tower, plus a third lot across the street, for $102 million in 2007. While that group remains the owner, it changed the records earlier this year to include Alan Fena and Sergio Jalife, two Argentine developers. [more]