The Real Deal Miami

Riviera Beach land between resorts sells for $10.5M

Property trades for steep discount from 2005, 2008 sale prices
June 02, 2014 12:45PM

Aerial of 3730 North Ocean Drive

Aerial of 3730 North Ocean Drive

Riviera Beach Investors plunked down $10.5 million for a beachfront property located between the Palm Beach Marriott Singer Island Resort & Spa and Hilton Singer Island Oceanfront/Palm Beaches.

The Orlando-based company acquired the 2.8-acre parcel at 3730 North Ocean Drive last Tuesday, according to Palm Beach County records. It did not obtain financing for the purchase. The property’s zoning allows for hotel or residential development.

Another Orlando company, Marriott Ownership Resorts, sold the land to Riviera Beach Investors, which got a significant discount from the $15.4 million the seller paid in January 2008. The previous owner spent $17 million on the parcel in August 2005. — Eric Kalis