Port Everglades waterways to endure tighter security for Fleet Week festivities
2012 Hurricane predictions for Caribbean Basin, Florida and Gulf of Mexico

Stealth Miami River condo plan revealed by 555 terminal turnover

New buyer scraps condo plans at Miami River parcel

April 24, 2012 04:30PM

A rendering of the planned Nautica on the River condo

A development site along the Miami River that was slated for a condomionium development could become home to a marina and mixed-use building, after a new buyer picked it up at a steep discount. The South Florida Business Journal reported that Miami-based Pacific National bank sold the 2.7-acre site, at 555 NW South River Drive, for $3.15 million to Zerby Interests. The price represents a 32 percent discount from the $4.6 million mortgage, taken out by Shear Construction and Development, on which it foreclosed. Shear had planned a 192-unit Nautica on the River condominium.

Simply Marinas President Michelle Adiba Ash, who represented the bank, said Zerby is considering the aforementioned marina and mixed-use plan at the site, which is zoned for marine industrial use.

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.