Summit Development, a diversified real estate development company with offices in North Palm Beach, Fla., acquired two marina properties in the Florida Keys - Mangrove Marina in Tavernier and Sombrero Resort and Marina in Marathon.
Summit, which is planning extensive renovations to the properties, acquired the two sites from Sun Vest Communities, the successor to Cay Clubs. No purchase price was announced, but Orion Bank is providing financing for the acquisition and renovation of the two properties, the company said.
Southport, Conn.-based Summit Development said in a statement that it is actively seeking office, retail, residential, hotel and marina opportunities throughout South Florida. The company said it specializes in repositioning underperforming real estate assets.
"It is obvious that the deterioration of these two properties has been a cause for concern. We are well-financed and are confident that we can accomplish a repositioning of the two sites that will once again make them the valuable component of the Keys business community that they can and should be," said Robert Charney, who oversees Summit's Florida operations.
Mangrove Marina has 130 slips as well as rack storage, boatyard facilities, a fuel dock, launch ramp and a ship's store. It is situated on the Intracoastal Waterway and is protected on three sides by mangrove islands.
Sombrero Resort and Marina is midway between Key Largo and Key West, and includes a 54-slip marina as well as 124 one-bedroom condo-style suites and eight detached villas.