MIAMI-Pacific National Bank of Miami has sold the 2.7-acre site of a deferred condo project 555 N.W. South River Drive along Miami River to Zerby Interests for a 32% discount. The bank took hold of the property in 2011 from a subsidiary of Shear Construction and Development after filing a foreclosure on a $4.6-million mortgage.
The new owner is planning for a mixed-use project and marina on the site. Michelle Adiba Ash of Coral Gables-based Simply Marinas handled the $3.15-million deal. For the full story, go to South Florida Business Journal .
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