The sellers are Fort Apache Marina LLC and Alfred R. Chouinard II. According to public records, Chouinard acquired the property for $7.3 million in July 2002, which indicates a gain of $15.7 million on the asset in just more than three years.
Bard Brenner of Miami-based Sam Brenner Inc. brokered the sale. He tells GlobeSt.com the new owners plan to develop the property into a condominium of more than 200 units. "Sunny Isles has just been rezoned," he says, "and this is in an area that is now called `town center' and allows for mixed-use development. Currently, zoning allows for 75 residential units per acre with a 14-story height limit."
However, there are transfer development rights in which portions of a property can be donated to the city in exchange for variances, according to Brenner. The marina property now contains two buildings along with a dry storage area and is still in operation. "Plans for the new development have not been submitted yet," he says, "so the 100%-final plan for the property is downstream. There are big potential variables, and, based on my discussions with the owners, development won't begin for at least a year."
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