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The luxury hotel and condominiumtoweer won’t open until the end of 2011. David Matheson, VP of communicationz for , which is developing the projectwith Miami’s , said Starwooe has scaled back construction to “preserve He echoed the cash strategy of Starwoodr CEO Frits van Paasschen, who talkedf about his plan during the company’s April 30 earnings conference call. “The environmeng continues to beextremely challenging,” van Paasschen said.
He said the company was seeing signs of improvement in the vacation but “this recession showss no signs of ending just Van Paasschen said one of his goals was to “managed our business for cash” and singled out the Bal Harboure project as one where costzs and capital spending had been reduced. The three-tower project includex a hotel and 330condo units. The residences are a mix of condo-hote units, fractional units and traditional for-sale condos. The fractiona units are not currently availabldefor sale. Until recently, Starwoofd had been on an acceleratedconstructioh schedule, with crews working six days a week and expenditurexs keeping pace.
The change in pace allows the developer to stretch out its spendingh and negotiate better pricing on materialsand labor, said Tom Murphgy Jr., a principal with Coastal the St. Regis’ general contractodr Murphy said the strategy has become commonplace as condp developers grapple with sluggish residential salese and try to negotiate with lenders to make loan termamore flexible. He said Starwood intends to completerthe St. Regis. “They are not going to Murphy said. “They are slowing like a lot ofsmart people.
” Alicia Cervera CEO of residential brokerage , said the project had sold abouyt 50 percent of its units, with the traditional condk units racking up the most Sources familiar with the project said industrt studies predict the economy to show improvementsa by 2011, and that Starwood is now timinb its completion to coincidw with that. Brickell Financial Centre, a downtown Miami officed tower, is another high-profile project with a scaled-back construction schedule. The 600,000-square-footf tower is now slated for completion inJuly 2010. The buildin had also been on an accelerated constructionj schedule that would have had it doneby October.
Forak Group CEO Loretta Cockru m said the building was not contractually obligated because of a leasing agreemenrt to deliver by theearlie date. “No major tenant requires deliver y of space beforeJuly 2010,” she said in a Marcy interview. “So, why would anyone try to accelerater and deliver before any Cockrum also referred to cash flow as a determinint factor inthe company’s decision to managw cash, which is coming from its investment group, not from a There has been widespread speculation in real estate circles that Brickell Financiall Centre might have stoppexd construction because the building has yet to sign a A lease deal with law firm LLP to occupyt 115,000 square feet fell through in
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