The Real Deal Miami

Montreal buyer scoops up Shuckers Waterfront Grill

The deal includes the restaurant, where a deck collapsed in 2013, and a hotel and marina

January 09, 2016 09:30AM

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Shuckers Waterfront Grill in North Bay Village

Shuckers Waterfront Grill in North Bay Village

A Montreal-based buyer acquired the Shuckers Waterfront Grill in North Bay Village, which reopened in 2014 after its old wooden deck collapsed into Biscayne Bay in 2013.

Montreal-based North Bay Village Holdings LLC bought Shuckers and the bay-front hotel that houses the restaurant, the 120-room Best Western on the Bay Inn & Marina.

Richard Spado of Keyes Company brokered the sale of the 87,776-square-foot hotel, restaurant and marina for both the buyer as well as the seller, identified as Inn on North Bay Ltd.

The Daily Business Review reported that the sale price was $32 million. Spado told Miami New Times he was uncertain of the sale price due to the complex structure of the deal to sell the hotel and restaurant, and how costs were allocated to each.

Shuckers customers in June 2013 were watching a Miami Heat game on the deck when it collapsed, sending about 100 people into the bay. More than two dozen were injured. Shuckers reopened in July 2014 with a rebuilt deck made of steel and concrete beams.

Spado told Miami New Times that the new owners plan to keep Shuckers’ cash dining format: “People will be happy to know they’re not going to knock it down. They’re going to keep Shuckers there. They do plan on doing some improvements to the property, but the feeling is that it’s successful and it’s been successful for a long time, so why mess with it?” [Miami New Times] — Mike Seemuth