Fast revival of stalled Gulfstream condo unlikely

Stronach Group suspended preconstruction sales for Gulstream Park Tower in July

TRD MIAMI /
Oct.October 10, 2015 02:00 PM

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


Related Articles

arrow_forward_ios
Integra Investments’s Victor Ballestas and Artsquare at Hallandale Beach

Integra scores $68M refi for Artsquare at Hallandale Beach

Integra scores $68M refi for Artsquare at Hallandale Beach
Gulfstream Park and Stronach Group CEO Craig Fravel 

Gulfstream Park bets on $20M renovation

Gulfstream Park bets on $20M renovation
A rendering of Falls at Gulfstream

High-rise hotel, apartments coming to Hallandale Beach Opportunity Zone

High-rise hotel, apartments coming to Hallandale Beach Opportunity Zone
Daily Digest Miami

The Fed lowered rates and real estate is loving it, JPMorgan dives into Miami affordable housing: Daily digest

The Fed lowered rates and real estate is loving it, JPMorgan dives into Miami affordable housing: Daily digest
Rendering of SLS Resort Residence & Marina Hallandale Beach, Ari Pearl, Sam Nazarian and Faisal Ashraf

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach
Cement pour at Ocean 2000 site takes 13 hours, 240 trucks and 500 tons of steel

Cement pour at Ocean 2000 site takes 13 hours, 240 trucks and 500 tons of steel

Cement pour at Ocean 2000 site takes 13 hours, 240 trucks and 500 tons of steel
Hallandale Beach approves new workforce housing development

Hallandale Beach approves new workforce housing development

Hallandale Beach approves new workforce housing development
(Credit: Hallandale Beach Government, Getty)

Hallandale Beach morphs from shabby beach town to upscale resort destination

Hallandale Beach morphs from shabby beach town to upscale resort destination
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...