RCI Group sells River Cove Marina in Miami for $11M
72-slip marina has wet slips and boat lifts
Real estate and marina developer and owner RCI Group sold a marina on the Miami River for $11 million.
Records show RCI Group affiliate 2000 Miami River Marina sold the 72-slip River Cove Marina to Cove Marina Holding, a Delaware entity.
Built in 2009, the marina spans 4 acres and includes a 2,778-square-foot structure for a dockmaster station as well as facilities for boat owners.
Its boat lifts can accommodate up to 45-foot-long boats, weighing a maximum of 28,000 pounds, according to its website. Its wet slips allow for 40-foot-long to 60-foot long boats.
Bridgeport, Connecticut-based RCI Group, led by founder Robert Christoph Sr., has acquired and developed 11,608 multifamily units, 1.9 million square feet of retail, 911 marina slips, and office and self-storage property, according to its website.
The Miami River District is undergoing redevelopment and revival. The $425 million River Landing Shops & Residences opened in September at 1480 Northwest North River Drive as the biggest recently completed project along the river. The 2.2-million-square-foot development across 8 acres has 345,000 square feet of retail, 528 apartments, more than 2,000 parking space, and 135,000 square feet of offices.
Another two South Florida marinas sold recently and are slated for redevelopment as multifamily. The Partridge Equity Group, whose principal is Christopher Partridge, bought Pennell’s Marina and Freedom Marina in Deerfield Beach for $18.1 million in December. Pennell’s, at 418 Northeast River Drive, will be developed with apartments, while Freedom Marina, at 790 Northwest 1st Avenue, will house both marinas’ boats and also will include a new dry slip building.
Baldridge Properties of Naples in February of last year bought a Pompano Beach marina at 651 South Federal Highway for $6 million.