BOYNTON BEACH, FL-The board of directors of Briny Breezes, Inc., a 488-unit mobile home park on State Road AIA, have signed an agreement with Boca Raton-based Ocean Land Investments to sell the 43-acre site for $510 million. The board's vote to reach an agreement with Ocean Land Investments was unanimous.

The agreement must be ratified by the residents of Briny Breezes, who co-own individual shares of the corporation depending on the size and location of the lot they own. The results of the vote are expected by Jan. 10. The sale would generate an average of $1 million for each of the owners and would be the largest transaction on record, according to Palm Beach County's property appraiser.

Ocean Land Investments Inc. vice president Logan Pierson tells GlobeSt.com that a majority of residents voted in favor of considering development proposals for the site earlier this year. "We're optimistic that when residents look at the contract they'll approve it," Pierson says.

Ocean Land was among several companies vying for the property which includes 600 feet of beachfront on the Atlantic Ocean and 1,100 feet of frontage along the Intracoastal Waterway.

Although specific site plans for the property have not been developed, Ocean Land's conceptual plans for the property include developing a mixed-use community over a 10- to 15-year period. Plans include a variety of residential development, including condominiums and townhomes. It would also include a boutique condo/hotel development, marina, retail space, restaurants and parks. Among members of Ocean Land's development team are Catalfumo Corp. president and founder Dan Catalfumo, United Capital Markets founder and CEO John Devaney and Related Group's Jorge Perez.

If the agreement is ratified by residents Pierson anticipates that the entitlement process, which would likely include zoning changes, would last two to three years. During that time, residents could remain in the park. "The board is confident in its decision to sell to Ocean Land," says Briny Breezes Inc. president Mary Kimber. "The choice was researched and well thought out and it was decided that they were the best fit both to meet the needs of current residents as well as the long-term viability of this precious piece of land."