A luxury condo planned for Coral Gables is on hold and might be scrapped altogether after developers backed out of the project.
Prominent local builders Masoud Shojaee and Ugo Colombo formed a joint venture and won city approval for a 10-story condo with 270 units and 40,000 square feet of ground-floor retail.
But on Tuesday Shojaee, president of Shoma Group, said he was dropping the project, called the Collection Residences after the nearby luxury car dealership that Colombo redeveloped in 2002.
“This is not a reflection of market conditions, rather an opportunity to take the project in a new direction,” Shojaee said in a statement sent through his public-relations firm. “The Coral Gables residential market remains very strong. . . . At this point, it was simply a matter of terminating our relationship to co-develop the project.”
Shojaee and Colombo acquired the 2.8-acre site for $27 million in 2013.
A spokesman for Colombo’s company, CMC Group, had no comment on the collapse of the partnership. Sales never officially launched and no construction took place. It’s unclear what will happen to the site, at 250 Bird Rd., Coral Gables. The developers built a sales center around the corner that featured a model unit with high-end finishes.
Correction: An earlier version of this story misstated the nature of the partnership that acquired the land where the Collection Residences was planned.