Monday, 30 July 0007

$510Mln Briny Breezes Deal Falls Through

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South Florida Business Journal

The $510 million sale of Briny Breezes, a 43-acre trailer park in Palm Beach County, Fla., has been cancelled. Last December, Ocean Land Investments made an offer to buy the property and redevelop it into a high-end mixed use resort. A month later, shareholders approved the sale, guaranteeing each owner in the development about $1 million. But Briny Breezes' board of directors rejected a proposal to extend Ocean Land's due diligence period. The developer sought the extension, to Sept. 28, in order to iron out compatibility issues with neighboring communities. The state of Florida had concerns over Briny Breezes' redevelopment and how it would impact the park's neighbors.

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  • Syndicate to Realpoint: No
  • Cities: Miami
  • States: Florida
  • Sector: Multifamily
  • Subject: Property Offerings (OFF), Southeast Regional Digest (SEDIG)
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