Faena Versailles Classic on Hold, Pending Opening of Faena Forum

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.  

Faena Versailles Classic

Faena Versailles Classic will bring new world luxury to old world art-deco style. Faena Group has transformed the Versailles Hotel on 35th St. and Collins Ave. Miami Beach into a 22 luxurious units by William Sofield. The renovation has preserved the 1940's facade, grand lobby, terrazzo flooring among other features in it's historic art-deco style. Units range from 1 to 4 bedroom at 1,034 SF to 2,753 SF with two duplex penthouse units at 7,300 SF each with their own pool. The residences already include luxurious, Miami style features including the classic terrazzo floors and custom lighting. Additionally high-end Italian kitchens and stone counters add to the quality of the residency. Amenities include pool, fitness center, 24 hour security and valet, stylish club rooms and access to the entire exclusive Faena neighborhood.