The Flamingo condo conversion developer is giving back deposits in the north tower of the Miami Beach FL real estate complex because the developer hasn’t been able to determine closing dates. The sales in the Flamingo north tower stalled at 200 with the market downturn of 2006.
“We don’t know when the building will be converted to condo,” Lerner said of the 614 unit north tower. “We have to hit a critical number before we start converting.” South Florida Business Journal
The north tower will continue as a rental building until the sales meet a threshold along with the center tower which is the newest and the Flamingo’s sought after crown jewel. The attention is now redirected on the south tower which has nearly sold out of the 562 units. If you’ve invested in the Flamingo Towers complex we’d love to hear your feedback. Feel free to comment on the Flamingo Tower conversion.