The Real Deal Miami

$59M Riviera Beach Marina overhaul slated for public discussion

May 14, 2010 03:34PM

Local Riviera Beach politicians are slated to discuss a proposed $59 million renovation of the city’s marina at a televised public workshop next week. A vote on the development deal, under which Viking Developers would overhaul the marina, rebuild Newcomb Hall and create a community boating facility, parking garage public market, retail space and a hotel or condos by 2014, will be scheduled at the meeting. According to the agreement, Rybovich Portside would also pay $2.2 million up front to lease space at the arena, including 2.8 acres on the southern end of the arena for $60 per square foot, as well as 3.4 acres of submerged land for docking megayachts. After five years, Rybovitch would pay $217,890 or 6 percent of gross revenue per year, depending on which amounts to more. [Palm Beach Post]