Developer Don Peebles is pulling out of an ultra-luxury condo project he had planned for an oceanfront property in Miami Beach.
Peebles has put the small lot at 6747 Collins Ave. on the market for an undisclosed price, a spokeswoman confirmed Tuesday. The original plan for the project, called the Bath Club Estates, was to build a 15-story tower with just 13 units, including a 9,000-square-foot penthouse marketed for $50 million.
But spokeswoman Adriana Aragon said that Peebles ultimately decided the North Beach lot, which has less than an acre of land, was too small.
“The project as developed ... would be less than 100,000 salable square feet,” Aragon wrote in a statement. “This is smaller than anything we’ve developed since 1987.” She pointed out that another Peebles project in Miami Beach, the Residences at the Bath Club, offered 400,000 salable square feet.
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Property records show that a company now controlled by Peebles paid $4.6 million for the Bath Club Estates land in 2010. It’s one of the last vacant oceanfront lots in Miami Beach.
The blog Next Miami first reported Peeble’s decision to sell.
The developer has previously expressed concern that Miami’s real estate market is cooling.
“This market is in for a leveling off, where it will get quiet. ... Projects under construction will be built, but then there will be a slowdown,” Peebles said at a conference in June, according to the Real Deal.