MIAMI | Okan Tower | 893 FT | 70 FLOORS

[Zapatan]

I checked the news and saw nothing regarding the building stopping construction.

Perhaps someone who lives in Miami and knows more can weigh in.

[montanamiami]

Originally Posted by Zapatan

I checked the news and saw nothing regarding the building stopping construction.

I think this project is canceled.
Unfortunately, no work at construction site more than one month!!

[BrickellBased]

From June 4 around 8 pm.

Comparing these photos to the Altoics one above from May 9 there doesn't appear to have been any additional progress so unfortunately montana may be correct that things are currently halted. Also the site felt a little too 'tidy.'

Though I don't think anything is 'cancelled.' Buildings don't really get cancelled like TV shows or celebrities. Hopefully they resolve whatever needs resolving and they get back on track soon.

[Zapatan]

Ugh reminds of the sites in SF.

Hope this doesn't go that direction.

I also definitely hope Waldorf doesn't.

[wanderer34]

The steel rods have already been assembled. Why would they just cancel the project? If anything, it's probably on hold.

[Zapatan]

Originally Posted by wanderer34

The steel rods have already been assembled. Why would they just cancel the project? If anything, it's probably on hold.

That's not necessarily good though, Hayes Point and Oceanwide Center were put "on hold" in SF, steel rods assembled.

Not saying it's going to be that bad yet but I guess we'll see.

[Altoic]

This project has been on hold at least 3 times, restarted either construction or sales, etc. I'm predicting the tower will restart construction, halt halfway through for 2 months and cause hysteria, then restart. It's kinda what this tower is lol.

[montanamiami]

Originally Posted by Altoic

This project has been on hold at least 3 times, restarted either construction or sales, etc. I'm predicting the tower will restart construction, halt halfway through for 2 months and cause hysteria, then restart. It's kinda what this tower is lol.

When this project will finish? After 50 years?

I think one of never-ending projects in Miami.

I do not buy an apartment from Okan Tower.

Let's see Waldorf Astoria Residences!

[UrbanImpact]

Originally Posted by Altoic

This project has been on hold at least 3 times, restarted either construction or sales, etc. I'm predicting the tower will restart construction, halt halfway through for 2 months and cause hysteria, then restart. It's kinda what this tower is lol.

There's also the fact that there are sometimes drawing revisions and inspection revisions that cause delays in construction. This happens all the the time in my office with wayyy smaller buildings.

[Dale]

Doesn’t make any sense. Very recent and much hyped concrete pour, Hilton onboard, sales reportedly robust …

[The ATX]

Originally Posted by montanamiami

When this project will finish? After 50 years?

I think one of never-ending projects in Miami.

I do not buy an apartment from Okan Tower.

Let's see Waldorf Astoria Residences!

Based on your brief post history, you joined SSP just to troll Okan Tower. Maybe you can start adding value to the forum instead?

[montanamiami]

Originally Posted by The ATX

Based on your brief post history, you joined SSP just to troll Okan Tower. Maybe you can start adding value to the forum instead?

I am not a troll. I am only a realtor and investor.
I am looking for a (1,2,3) bedroom apartments in Miami.
I must get information (Delays, cancels etc.) about some focused projects for making investment.

I think Waldorf and Mercedes projects will be better than any other project in Miami for investment.

[ChiND]

If Okan and Waldorf are never built, the developers will probably declare bankruptcy, and buyers who signed contracts will lose their deposits.

[BrickellBased]

If I had the money I'd go with Mercedes.

[Altoic]

If I had to guess it's not financing. Florida law allows for developers to use up to 90% of deposits (up to closing) for construction costs. Only 10% needs to be put into an escrow. Sales have been successful with the developer (to my knowledge) having extensive funding and experience. Miami's luxury residential market is much more robust and active than other faltering markets. Of course anything can be happening behind the curtains and my words should be taken with a grain of salt.

[montanamiami]

Originally Posted by BrickellBased

If I had the money I'd go with Mercedes.

[ChiND]

Originally Posted by Altoic

If I had to guess it's not financing. Florida law allows for developers to use up to 90% of deposits (up to closing) for construction costs. Only 10% needs to be put into an escrow. Sales have been successful with the developer (to my knowledge) having extensive funding and experience. Miami's luxury residential market is much more robust and active than other faltering markets. Of course anything can be happening behind the curtains and my words should be taken with a grain of salt.

Miami’s market has actually fallen quite a bit. Its short-term COVID-era boast has vanished. I suspect that buyers here and at Waldorf will be out of luck.

[montanamiami]

Originally Posted by BrickellBased

If I had the money I'd go with Mercedes.

I couldn't find mercedes-benz places in skyscraperpage.
Where is it?

[montanamiami]

Originally Posted by ChiND

Miami’s market has actually fallen quite a bit. Its short-term COVID-era boast has vanished. I suspect that buyers here and at Waldorf will be out of luck.

Good advice!

[Zapatan]

Originally Posted by ChiND

Miami’s market has actually fallen quite a bit. Its short-term COVID-era boast has vanished. I suspect that buyers here and at Waldorf will be out of luck.

That'd be a shame about Waldorf if true.

Can't the buyers sue for their deposits back or were they really taking that much of a risk?