Ion Fizzles: Edgewater Condo Tower Cancelled Over Property Dispute

Ion East Edgewater, a Biscayne Boulevard condo project, has been cancelled.

Sakor Development was the project developer and owns the property at 2701 Biscayne Boulevard. Sources familiar with the situation cite a dispute over ownership of the property as a primary cause for the cancellation.

A spokesperson for Sakor hinted that the developer still hopes to build something on the land.

‘Now that a legal dispute involving the property’s former owner has been resolved, Sakor has formally closed on the remaining land within its East Edgewater site,’ the spokesperson said.  ‘With land values along the Biscayne Corridor rising, we are reconfiguring the property for mixed-use development. This will ensure the highest and best use of the site given appreciating land values in the neighborhood.’

Sakor is controlled by Barbara Salk, a former Related Group executive, and Stephen Kornfeld. Marketing material for Ion also listed Art Falcone’s Encore Capital Management as a partner in the project.

Property records show that ownership of the Ion site is splintered among several entities linked to Salk, Kornfeld and Falcone. Some of the entities list Salk’s address in Sunny Isles as a mailing address. More recent acquisitions in the assemblage came in January and list Art Falcone’s office in Boca Raton as a mailing address. Two key parcels at the center of the assemblage are still owned by an unrelated party.

The 36-story Ion was designed by Arquitectonica and was to include 328 units, along with ground-floor retail. Sales began last May.

 

 

 

21 Comments
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anonymous
5 years ago

The first… of how many?

Anonymous
5 years ago

Its always and always will be a crappy project. Everyone knew it wasn’t going to be built.

Andrew
5 years ago

I live a couple blocks up and was looking forward to the full block of street-level retail. Hopefully something else goes there and will keep the retail part at a minimum. My main excitement for most of the project proposals along Biscayne Blvd is the street-level components and a more active pedestrian experience.

Anonymous
5 years ago

Canvas ,The Edge on Brickell and Paramount Miami there after are the jobs that wont start.
2015 is a cleaning year.
Good that buyers that are doing a lot more due diligence before plugging 50% deposits.
Good way to make the cycle longer and sustainable.

Obviously
5 years ago

Um, NR Investments has already made a “$4.85 million impact fee” payment for the Canvas Tower which means they will be starting construction soon. And in this issue of TNM, did you delibertly ignore the reporting done on edge which also said “the developer will pay a $141,000 connection charge for water and sewer capacity, along with a $79,000 construction fee to extend the utility line to the site?”

Regardless of your naysaying, these two projects are going to get built.

miami wice
5 years ago

NR investments probably paid this impact fee with money granted to it by the SEOPW CRA — thus, no risk was taken.. Canvas shouldn’t be a condo but alas, the city wants to bring attention to this neighborhood.

Anonymous
5 years ago

So much insight here…ya, why would developers ever think there was a market right by the water and loads of new development, retail, restaurants, parks, etc. with easy access to Wynwood, Midtown and the Design District, while still having a quieter and more residential feel?

Gary
5 years ago

Does anyone know what’s going on with the lots at 404-420 N.E. 35th Street since they have started to demolish the single family homes on these adjoining lots? The buyer for the 404-420 N.E. 35th Street lots is listed as a G&L Associates at 35th Street LLC.

BinBrickell
5 years ago

Satori ?

Andrew
5 years ago

Satori is behind McDonald’s on 35th Terrace (unless that is what Gary was referring to).

Anonymous
5 years ago

wasn’t this the place where they were planning urbanika, and was just sold last week?

broker305
5 years ago

Sales at ion were good. The problem was the way the building was structured legally and ownership. Ion is disappointing because it offered more affordable units in the area.

Egde at brickell looks it won’t happen. Canvas sales are good. Paramount sales are good too and they will start building no matter what just like flatiron.

Anonymous
5 years ago

This can’t be right; people here say there’s no demand. What do you know with actual sales figures and such?

broker305
5 years ago

Just because sales aren’t flying like they used to does not mean there is no demand. Sls brickell sold in 2 months.

my figures come from sales reps who I have built a relationship. There is enough demand to build and sell while the properties are under construction.

BinBrickell
5 years ago

can you divulge what you know about edge that you say it won’t happen?

WhatAPity
5 years ago

What a pity that this woman put herself in the media and on “professional” panels promoting women developers as soon as she launched this nightmare and she’s the first failure being publicized.

Maybe she’s the only one willing to put the ego aside in the sea of blue suits because she realized the cost of construction was too high for what they were offering. Blame the sales and marketing company they relied on for pricing. Can’t wait to see how many more failures arrive – agree that Canvas is garbage as well.

With that being said – the Ion property (and name!) is garbage. The terrible site wrap on Biscayne that’s falling apart is an obvious indication of the quality of product that was going to potentially be delivered.

Anonymous
5 years ago

The Edge, Canvas, Satori, Paramount Miami wont start in the next 6 months…brokers in the few sales they have wont get paid and take their deals to other jobs…

Good for the market that brokers and developers thinking of jumping into the market see it is not an easy business.

UrbanObserver
5 years ago

Bad news. This was one of the few new Edgewater condos built to the Biscayne street edge. All the new condos built at the waters edge do nothing to activate the urban fabric.

The real JK
5 years ago

Anyone tired of seeing Arquitectonica’s trash all over Miami?
If so, say yeaaahhhh!!!!!

BinBrickell
5 years ago

I was hoping this one would get scrapped, its a terrible location for a condo high rise. Inland Edgewater will never be like Brickell, no matter how hard people wish for it. Hopefully Canvas cancels too because it’s taking away from sales that could be made in the real urban core Miami is trying to create/revitalize between 395 and SW 15th.

Aj
4 years ago

BickHell is a ClusterFcuk. Get out while you can and run to Edgewater.