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Related Group nixes Auberge Miami, ups buyer incentives on Paraiso

The Related Group — which has more than a dozen buildings underway this cycle in South Florida — has shut down its Auberge Residences & Spa Miami project and is offering a slew of incentives at its Paraiso development.

The developer closed the Auberge sales center, at 1440 Biscayne Boulevard, in December, and sales agents reached by phone early last month said the project had been canceled. Related launched the project in February 2016, just as sales were slowing in Miami’s preconstruction condo market. Prices ranged from $350,000 to $3.9 million. By mid-2016, 15 percent of the units had been sold, according to a report from International Sales Group. Deposits were returned at the end of the year, sources said.

And in the latest barrage to sell preconstruction units, Related is trying to incentivize buyers at its four-building Paraiso development in Miami’s Edgewater neighborhood. The company is offering free maintenance for a year and accepting 30 percent deposits, rather than the usual 50 percent.

With units priced from the low $600,000s to $2 million and maintenance averaging 70 cents per square foot, the incentive amounts to at least several thousand dollars a year.

The first tower is sold out, and the remaining three are nearly sold as well, according to Related.

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