Slowly but surely, the skeleton of the ill-fated 52-story Solis Hotel & Residences is finally being demolished much to the relief of Sunny Isles Beach residents. The Solis was designed by Architectonica and began construction in 2007, but the 2008 real estate market crash halted the project's construction just when it had reached its tenth story. It left the property an eyesore on the prosperous Sunny Isles Beach coast for over half a decade. Rusting away on precious ocean-front land, perhaps the sand would swallow it over time?
After failed attempts to restart the project, the land finally switched hands in November of last year for just under $41 Million. The site was picked up by the Chateau Group and Fortune International who have partnered up to make sure this time around the thing gets built. The city of Sunny Isles offered a $250k credit to the developers for demolishing the structure as soon as possible and so, the fate of the Solis has finally been sealed.
Earlier this year the partners also purchased the neighboring site to the north (Where the Chateau Sales Center is located) from an entity managed solely by Chateau. As reported by the Real Deal earlier this year, Chateau Group's Manuel Grosskopf said: "The idea is to combine the two sites and put a beautiful building there" The group is hoping to begin marketing the building by the end of the year or beginning of the next. After all, somebody needs to justify the $80 Million price tag.—Andy Morales
· Developers expand Sunny Isles condo project [Real Deal]
· Chateau Group coverage [Curbed Miami]