The Real Deal Miami

Keys luxury upgrades deferred

 
October 13, 2009 10:29AM

At least 18 upscale developments planned for the Florida Keys before the real estate crash are now on hold or in ruins. While the downturn has been a reprieve for more moderate accommodations, it’s also resulted in a tangle of foreclosures, bankruptcies and litigation, including the planned $220 million Marlin Bay Yacht Club in the Middle Keys. The resort’s finances are in such confusing shape that Marathon Key planning director George Garrett said he has no idea what will happen to the project. [Miami Herald]