search

The Real Deal Logo

Trending

"Financially devastating": Receiver takes over embattled Pembroke Pines condo complex"Financially devastating": Receiver takes over embattled Pembroke Pines condo complex“Multifamily is in the crosshairs”: Execs talk distress, opportunities at Milken conference“Multifamily is in the crosshairs”: Execs talk distress, opportunities at Milken conferencePinnacle Bank buys back Fort Worth office tower for $12 per sf Pinnacle Bank buys back Fort Worth office tower for $12 per sf Moinian hit with $30M judgment in hotel injury caseMoinian hit with $30M judgment in hotel injury case
South Florida

Failed condo development site gets second chance as music venue

Sign Up for the undefined Newsletter

The 28-acre Lazy Lakes RV resort in Sugarloaf Key, once the site of a proposed luxury condominium development that went bust along with the housing market, has been revitalized as a part-time outdoor music venue, thanks to investor Joe Cleghorn, who took over the $8 million mortgage on the property from developers Cortex Acquisition in 2007. Cortex had purchased the property in early 2006 with the intention of transferring some of its building permits to nearby luxury project Kings Point Marina and using the rest to build 60 affordable housing units on the Lazy Lakes site. Situated 15 miles from Key West, the property is still an RV resort, and is now also drawing musicians and fans alike.