Yet another condo project has been put on hold, this time Alan Faena's proposed Faena Versailles. Faena is discussing building another hotel on the site as opposed to the condo building as reported by The Real Deal. The Versailles site is just blocks from the new Rem Koolhaas' Arts and Cultural Venue, the Faena Forum, which is slated to draw demand to the immediate Faena neighborhood upon its opening November 27. Wanting to wait to see the demand to stay in the area created by the Faena Forum in addition to the condo market slowdown have been factors influencing Faena's decision. “Because of the market and success of Faena (Hotel) we’re not in a hurry to decide. We’re pulling the Versailles project to see how many rooms we will need and the reaction of the market.” he stated in an interview with The Real Deal.
Faena Versailles was slated to be a two-tower condo project that would include the renovation of the 1940's classic Versailles Hotel. The two towers would be Faena Versailles Classic and Faena Versailles Contemporary. Classic would have consisted of 22 units in the old Versailles Hotel, which his currently standing and gutted waiting for the decision. Contemporary, will still be a 41-unit condo tower but will be named Faena Mar. The site is now clear and 11 units or so have sold. The goal was to bring new world luxury to old world art-deco style. In the Faena neighborhood their are currently 10 of 12 penthouses in the Faena Hotel availible for sale, 30 units at the pre-construction Faena Mar.