The Real Deal Miami

Seagate Yacht Club project nears final approval

Developers hope to start construction in June

April 23, 2014 04:30PM

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Rendering of Seagate Yacht Club

Seaside Builders and Seagate Hospitality Group plan to break ground on its Delray Beach Yacht Club redevelopment in June, granted the city provides final approval today.

Plans call for Seagate Yacht Club to hold condominiums starting at $3 million; a 5,200-square-foot, three-story yacht club; and a 44-slip marina. The development will be located on the former site of the Morgan Yacht Club, which the owners bought for $7.3 million in December from IberiaBank.

IberiaBank took title to the 3.25-acre marina and 9,845-square-foot clubhouse in September after filing a foreclosure lawsuit against previous owners Morgan Yacht Club of Del Ray in July over a $17.5 million loan. Morgan also acquired the yacht club out of foreclosure in 2010.

The development is located at 110 MacFarlane Drive, just south of the Atlantic Avenue Bridge. [Daily Business Review]Mark Maurer

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