The Real Deal Miami

Failed condo development site gets second chance as music venue

March 11, 2010 04:34PM

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.