HFZ Capital Group has canceled the Fasano Residences Miami Beach, a 67-unit luxury condo project planned for the Shore Club Hotel property, which is currently managed by Morgans Hotel Group and owned by HFZ Capital Group. HFZ is currently in the process of returning deposits to buyers and began alerting their clients on Friday (10/2717) of the news. The project had sold 35-30 units, roughly 40%-45% of the project. The delayed closure of the Shore Club Hotel, which continued to take reservations into 2018, had caused confusion amongst buyers as had the rumored withdrawal of the Fasano brand, the luxurious Brazilian hospitality moniker. No construction permits had been filed and the developer reported that the market for construction financing on Miami Beach had dried out. HFZ Capital Group via the entity Shore Club Property Owner LLC purchased the Shore Club for $175.3 million in 2013 and planned to convert the 309-key hotel into a 85-key hotel with 67-condos under the watchful eye of Brazilian Architect Isay Weinfeld. The project would have been the first Fasano branded project in the United States, which has 4 hotels and 15 restaurants under management.
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