FORT LAUDERDALE, Fla. - Downtown Fort Lauderdale's Riverfront Marina, home to a 300-boat storage facility, has been acquired by Cabi Developers of Aventura, Fla., for about $13.8 million, the Miami Herald reported in a story today.
However, Cabi, which builds condominiums in Miami-Dade County, isn't planning to redevelop the property along the New River. Cabi has leased the site to IMMA LLC, which will continue to operate the marina and restaurant, the newspaper reported.
IMMA's principals include Miami attorney Antonio R. Zamora.
''The one thing I can tell you is we expect to be here for quite some time,'' Zamora said, declining to disclose the length of the lease.
Frank Herhold, executive director of the Marine Industries Association, told The Herald he was encouraged that Riverfront Marina looks like it will be staying.
''This is good news for Broward's marine industry,'' Herhold said. "We have lost over 1,800 slips in recent years in Broward.''
Herhold has a personal interest in seeing Riverfront Marina stick around: he keeps his 23-foot Edgewater Center Console at the dry-stack facility, according to the story.
Cabi's long-term plans for the property couldn't be determined. The Herald said its efforts to reach Cabi officials were unsuccessful.
Cabi, the U.S. subsidiary of GICSA of Mexico, also recently purchased the former Sun Power Diesel marina next door. Cabi told The Herald last year it wanted to build 209 condominium units, office condos and shops on the Sun Power Diesel site, the newspaper reported. However, Cabi was thwarted in proceeding with plans because the city reached the cap on the number of units that can be built in downtown.
Larry and Jan Heyworth, who sold the Riverfront Marina, couldn't be reached for comment. The marina previously sold in 1983 for $312,000, according to Broward property records.
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