The historic Merrill-Stevens boatyard on the Miami River has been acquired by a Turkish group that plans to renovate the facility and keep it as a marina.
RMK Merrill Stevens Properties paid $7.7 million for the 3.3-acre site at 1270 Northwest 11th Street, South Florida Business Journal reported. An attorney for the company said the owners of RMK are from Turkey and have marine industry experience. RMK Marina is one of the largest boatyards in Turkey.
The seller is an affiliate of Palmetto-based Marlow Yachts, which had acquired the boatyard for $6.6 million from Coconut Grove Bank in 2011.
Operational on the Miami River since 1923, the boatyard languished during the recession. [South Florida Business Journal] — Eric Kalis