The first stateside incarnation of the Fasano hotel chain by Brazilian designer Isay Weinfeld has been canceled by the developer, HFZ Capital Group.

The Fasano Residences Miami Beach, as the project was called, was a planned conversion of Miami Beach’s iconic Shore Club property into a combination hotel and condominium. The Brazilian hospitality company is well-known for its luxury hotels in Brazil, including in Rio de Janeiro, São Paulo, Punta del Este, and Boa Vista.

The project had already experienced delays due to communication issues between brokers and HFZ and a slowing residential real estate market, with only 40 to 45 percent of the 67 residential units pre-sold so far, even though the project was originally slated for completion in 2018.

The Shore Club has a long history in Miami Beach, and includes both art deco and midcentury modern mid-rise buildings as well as a postmodernist tower designed by British architect David Chipperfield during the resurgence of South Beach in the 1990s.

The design by Isay Weinfeld would have enclosed the slender white Chipperfield tower with its dramatic rooftop space inside a boxy cage-like enclosure that looked remarkably like a giant Sol LeWitt sculpture. The elaborate gardens and pools, also designed by Chipperfield, and the setting of many a legendary Miami Beach bacchanalia over the years, would also have been replaced with a gigantic, minimalist pool that would have been one of the largest in all of Miami Beach.

Project broker Jay Parker told The Real Deal that HFZ is currently returning deposits to buyers and has yet to determine whether they will re-launch the project as planned or as a new development. Even though the property “has been deteriorating in anticipation of the project,” as The Real Deal put it, it has been operating under the Morgans Hotel Group flag and will continue to do so.