The Real Deal Miami

Hospital abandons condo plan

October 16, 2008 02:26PM

Coconut Grove’s Mercy
Hospital announced
yesterday it has abandoned plans to build a three-tower luxury condominium
project, in which the Related Group had agreed to invest. The hospital did not say
why it had reneged on the plans, but two court decisions earlier this year said
the project did not follow current zoning laws and overturned a rezoning
proposal. The hospital planned to use the condos to raise money for capital improvements. Prices for the 300 units had been set between $3 million and $15
million. The hospital will ask the city of Miami to rezone the land so that no other residential development can be erected there.