Waterway Cafe in Palm Beach Gardens sells for $13M
The popular restaurant has over 300 feet of dock space
The popular Waterway Cafe with its floating bar in Palm Beach Gardens sold for $12.5 million.
Lake Worth Creek Corp. led by Thomas Smith and Edith Stevenson of Delray Beach, sold the 8,762-square-foot restaurant property at 2300 PGA Boulevard for $1,426 per square foot, records show.
Worth River LLC, led by Scott and Jill Yates of Palm Beach Gardens purchased it.
The Waterway Cafe was built in 1986 by real estate developer Jefferson Vander Wolk, on the site of the former Waterway Marina on the Intracoastal Waterway, according to its website. It features a floating boat bar and has over 300 feet of dock space.
The property last sold for $1.2 million in 1985, records show. The site spans 3.05 acres.
There have been few South Florida restaurant property sales in light of the coronavirus pandemic that has led some eateries to close down and others to reduce staffing. This week, Miami-Dade County Mayor Carlos Gimenez again ordered restaurants to close their indoor dining rooms, effective Wednesday.