They sold that property in March for $8 million to Miami's Terremark Group, which plans a 280-unit condo hotel on the site. Proceeds from that sale were reportedly rolled over for the new purchase in a 1031 tax-deferred exchange.
The Bahia Cabana Resort comprises four buildings with 116 rooms erected between 1956 and 1964. It was sold for $6.75 million by a company whose principals include members of the Chane family.
The new owners are planning upgrades for the two buildings on the north side of Harbor Drive. The two building on the south side of the roadway are being considered for a mid-rise condo apartment project.
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