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Front Page » Top Stories » Brazilian Investors Purchase 9 Acres On Riverfront

Brazilian Investors Purchase 9 Acres On Riverfront

Written by on August 18, 2005

By Claudio Mendonca
Brazilian investors have purchased nearly 9 acres on the Miami River for still-undetermined development.

Miami River Park Marina Inc. last week bought a site at 2051 NW 11th St. with 3,450 linear feet of waterfront for $12.9 million in bankruptcy court. The property had belonged to boatyard Consolidated Yacht Corp., which declared bankruptcy in September 2002.

The site – just west of the rising Terrazas River Park Village, a 27-story, 324-unit project – is zoned SB-4 waterfront industrial.

Many riverfront properties have rezoned from SB-4 to C-1, which allows mixed-use projects, said John Rosser of John Paul Rosser & Associates, who brokered the sale.

He said if the investors split the land into multiple projects on less than 2 acres they will be able to build up to 200 residential units on each. A developer who seeks to build a project on more than 2 acres must get a multi-use special permit.

The property was sold to Miami River Park Marina Inc. by Alan Goldberg, appointed by the US Bankruptcy Court for the Southern District of Florida in May 2003 as Chapter 11 trustee for the property.

Mr. Goldberg said new owners haven’t decided what kind of project they will build.

"Right now, my goal is to turn over an empty parcel to the owners," Mr. Goldberg said. "I am focusing inwardly. I just want to wrap up the operation and vacate the property no later than the end of January."