Briny Breezes, FL- No deal says developer

By
Managing Real Estate Broker with Quail Ridge Country Club Realty, Inc.

So - will they or won't they?  The record-breaking $510 million sale of a Palm Beach County trailer park has fallen through, cancelled by the developer group Ocean Land Investments.

 Briny Breezes

After denying  the developer's request to extend the due diligence period & $5 million deposit to Sept. 28th, he 43-acre trailer park, which was to be turned into a multibillion-dollar, high-rise destination resort, is back to square one.  

"We needed more time to discuss objections with the neighboring communities of Ocean Ridge and Gulf Stream," Ocean Land reported. "One of the key objections to the rezoning and redevelopment by the state was the issue of compatibility with neighboring communities."

Palm Beach County Commissioner Mary McCarty had set up meetings with the neighboring communities and the Briny Breezes buyers, but they couldn't start until after Aug. 20.

The developer needs this time to talk to Gulf Stream & Ocean Ridge who did not repsond favorably to the development plan as presented to the state.

 Is all lost for Briny Breezes?  I think not.  In my opinion, the developer will continue the talks, but at different terms & perhaps price given that the orginal density sought by the developer is one the the biggest issues the surrounding communities have with the project.

So a scaled down version seems more likely - in the meantime Briny residents can continue enjoying their coastal lifestyle.

 

Ann Jara

http://AnnJara.com

 

Comments (1)

Dick & Sandy Beals
Wilmington Real Estate 4U Wilmington, NC - Wilmington, NC

wow...10% commission for both sides of a land deal comes out to 51 million.  That is the one deal I want!  Even get me just the buyer, I'm happy, looks like I'm back in the game.....better start checking my SOI

Dick Beals

Jul 31, 2007 08:58 AM