RIO, Fla. - A Florida development group has paid $10.4 million for five parcels of land that include Sundance Marine, a site that was once known as Casa Rio, a family-run marina and boatyard operation, a story on www.tcpalm.com reported today.
Rio Marina Group bought the land near Dixie Highway and Martin Avenue on Florida's Treasure Coast, according to records filed Thursday with the Martin County clerk of court, according to the story.
The buyer is a joint effort of Stuart-based Rio Marina Developers and Costa Del Mar Villas on Singer Island - the same players that forked out $12.3 million for Pelican's Nest in June, according to the report.
Most of the property in Thursday's transaction was sold by Jensen Beach-based Sundance Marine Dixie for $7 million, it was reported.
Sundance has other facilities in South Florida, including a larger marina in Jensen Beach and another site in Stuart.
Vera Locke, executive director of the Marine Industries Association of the Treasure Coast, was unaware of the details of this week's sale, but was not surprised by it, according to the story.
"It's part of the Rio Community Redevelopment Area," she said. "It's waterfront and anything on the water is getting scooped up."
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