Rumor has it that Vitri South Beach – just north of the “SoFi” neighborhood (ICON, Murano Grande, Apogee) is returning deposits and considering a change of use to a hotel. From what I know the units on the lower end of the price range sold well, but the penthouses, which were priced @ $1100 p.s.f., were not moving. The 66 residence low-density development is being developed by Leviev-Boymelgreen (Marquis in downtown Miami and many other projects in the New York City area). Pricing started in the $600Ks and up.
It has been confirmed that the developers of the Savoy South Beach, located at 455 Ocean Drive in SoFi, have decided NOT to go forward with the project. The 112 unit project which called for 30 oceanfront residences, 57 condo-hotels and 24 lofts (at another location) will be renovated and continued to be run as a hotel. The developer is CMA companies and Broker was Elliman Florida, who brought on NYC power-house broker Dolly Lenz to help market the project.