Hurricane Cove marina

After buying the 9.3-acre Hurricane Cove marina for $6.3 million, Oklahoma City-based Zerby Interests will not attempt to develop condominiums on the site. According to the South Florida Business Journal the site will remain a dock. The previous owner, Balbino Investments, had attempted to build 1,073 condos at Hurricane Cove, which is located at 1884 NW North River Drive along the Maimi River, with a $12.7 million mortgage from Mercantil Commerce bank. However, its zoning approval was overturned in 2009 court ruling and the site was rezoned as a marina. Following the court’s ruling, Commerce bank foreclosed on the property. The only current plans for site are for an expansion of its docks. A. Michelle Ash, president of Simply Marinas, brokered the Coral Gables-based bank’s sale to Zerby. [SFBJ]

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. [more]