The Related Group is well known for its many Miami Beach condos and the prolific attention it places on spearheading new projects. It’s responsible for buildings like ICON South Beach, the posh Apogee condo in the South of Fifth area and the trendy 50 Biscayne in the downtown Miami area.
It seems that the ups and downs of the market are trickling down to the Related Group itself. Over in Sunny Isles Beach to the north of the Miami Beach condos, the high end Trump Towers condo can no longer call the Related Group as its partner. Despite reducing prices to spur up demand for the building, the building has not managed to sell as many units as anticipated.
The Related Group’s decision to downsize from the Trump Towers and another site in downtown Miami that was planned for a new condominium is largely a result of the housing bubble bursting at a time when the developer had numerous projects in the works that were no longer in demand. Its Miami Beach condos have managed to see encouraging sales but others like the recent ICON Brickell still has more than 1,000 units that are empty. As demand continues to slowly creep up, we’ll have to wait and see whether the Related Group can shed some of its excess inventory.