"The Related Group had deposits on most units, but it couldn'tproceed, because the financing didn't come together," says ChrisWood, first vice president at CB Richard Ellis in Ft. Lauderdale,who is marketing the property for its present owner, City NationalBank, a Miami-based lender, who is asking $14.5 million for theland. The Related Group had a mortgage on the land, which is one ofthe few remaining waterfront parcels in Miami-Dade County, hesays.
"There is a lot of interest in the property," says Wood,although he declined to name the prospective buyers, except to saythat "they are investors or multi family, condominium or resortdevelopers who want to buy the land for future development."
" The general feeling is that the market has bottomed out and weare seeing an uptick in interest in vacant land today," saysWood.
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