Faena Trying To Buy Condo Building Next To His Miami Beach Project
Faena District Miami Beach could be expanding once again.
Alan Faena recently made an offer to buy out owners in a 24-unit condo project on Collins Avenue that is adjacent to his under-construction project. Initially rebuffed, Faena has increased his offer to $500-$600 per square foot, said to be significantly above market value for the units. Condo owners haven’t decided yet on whether to accept the new offer.
The condo building is not historic and would likely be demolished. It is located north of Faena’s recently purchased Claridge Hotel at 3500 Collins Avenue, which is being converted into retail use.
Construction is underway on an arts center, parking garage, and retail center designed by Rem Koolhaas, along with a Norman Foster-designed condo building. The project also includes the historic Versailles Hotel and Saxony Hotel.
Billionaire Len Blavatnik is providing funding for the project.