Argentine developers to revive stalled Miami Beach condo

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 Faena and Sergio Jalife, two Argentine developers.

The group will present the new plan Oct. 11 before the Miami Beach Historic Preservation Board.

“The applicant is requesting approval for the substantial re-design of the new multifamily building, as well as for substantial modifications to the interior and exterior design of the existing Saxony Hotel, including modifications to the site plan and landscape plan,” according to the Miami Beach Historic Preservation Board Agenda. [Condo Vultures]