The Real Deal Miami

City of Lantana buys waterfront lot

January 24, 2012 10:30AM

The City of Lantana has purchased a 44,578-square-foot waterfront lot on North Lake Drive, looking to preserve the space as a park, according to Colliers International South Florida, which represented seller Real Estate Property Holdings in the deal. “While the site had previous plans and approvals for a 15-unit townhouse project, the market fundamentals did not warrant new development,” said Colliers’ David Metalonis. “This allowed the city to acquire the waterfront parcel and preserve open green space and water access for local residents at an attractive basis.” Terms of the deal were not disclosed. — Alexander Britell