NORTH PALM BEACH, Fla. – Summit Development, a real estate development company with offices in North Palm Beach, has acquired two marina properties in the Florida Keys – Mangrove Marina in Tavernier and The Sombrero Resort and Marina in Marathon – from Sun Vest Communities, the successor to Cay Clubs, it reported in a recent statement.
Summit, which said it is seeking marine opportunities throughout South Florida, expects to invest in extensive renovations to upgrade both properties.
"While both are clearly in need of work, that does not diminish their inherent value in terms of their location and potential,” commented Summit Development President Felix Charney. “We see tremendous opportunities with respect to the marinas. We have spent the last 15 months looking at under-performing assets in South Florida and these two locations stood out."
Mangrove Marina has 130 boat slips as well as rack storage, boat yard facilities, a fuel dock, boat launching ramp and a ships' store, according to the company. It is situated on the Inter-coastal Waterway and is protected on three sides by mangrove islands. Tavernier is about 12 miles south of Key Largo, a 30-minute drive from the mainland.
Sombrero Resort and Marina is midway between Key Largo and Key West. It includes a 54-slip marina as well as 124 one-bedroom condo-style suites and eight detached villas, "The Latitudes," a full-service restaurant, tennis courts and a poolside tiki bar.
Orion Bank, which has 23 branches in Florida, is providing financing for the acquisition and renovation of the two properties.
Summit Development is based in Southport, Conn., and has offices in Chappaqua, N.Y., as well as North Palm Beach.
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