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Friday, August 03, 2007

$510 Million Oceanfront Trailer Park Deal Collapses

Daily Real Estate News August 1, 2007

Ocean Land Investments has pulled out of a $510 million deal to buy an oceanfront mobile home park in South Florida, eight months after the contract was signed and hours before the company would have lost its $4.5 million deposit.

Residents of the Briny Breezes development would have gotten about $1 million each from the deal. However, some residents are happy the plans fell through. "The community is split 50-50 on this. Half are happy, half are upset," Warren Bailey, a Briny Breezes resident, says of the canceled contract. "My wife is getting ready to pop a bottle of champagne right now."

The developer backed away because of disputes with neighboring towns over the development of the property into a luxury resort, says Logan Pierson, Ocean Land vice president of acquisitions. He says the company is still enthusiastic about the project, but needs more time to negotiateResidents in neighboring Ocean Ridge and Gulf Stream, the two wealthy enclaves north and south of Briny Breezes, pooled resources to fight the plan.

They complained the proposed 1,600-unit project would overwhelm roads, hurt the environment, and ruin their quality of life if buildings 12 to 20 stories high were allowed to tower over them.

Source: The Sun Sentinel, Angel Streeter (07/31/07)


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