The Real Deal Miami

New buyer scraps condo plans at Miami River parcel

April 24, 2012 04:30PM

A rendering of the planned Nautica on the River condo

A development site along the Miami River that was slated for a condomionium development could become home to a marina and mixed-use building, after a new buyer picked it up at a steep discount. The South Florida Business Journal reported that Miami-based Pacific National bank sold the 2.7-acre site, at 555 NW South River Drive, for $3.15 million to Zerby Interests. The price represents a 32 percent discount from the $4.6 million mortgage, taken out by Shear Construction and Development, on which it foreclosed. Shear had planned a 192-unit Nautica on the River condominium.

Simply Marinas President Michelle Adiba Ash, who represented the bank, said Zerby is considering the aforementioned marina and mixed-use plan at the site, which is zoned for marine industrial use. [SFBJ]