Merrill-Stevens boatyard faces foreclosure

Author:
Updated:
Original:

Merrill-Stevens has been hit with a foreclosure lawsuit targeting its historic boatyard.

Coconut Grove Bank issued a notice of foreclosure June 30 against Merrill-Stevens Dry Dock Co., according to Miami-Dade County Circuit Court records. It was part of a counter-complaint that the bank filed after the boatyard sued it on June 2, according to a report in the South Florida Business Journal.

Coconut Bank wants to seize Merrill-Stevens' 5.6-acre boatyard on both sides of the Miami River.

Merrill-Stevens was founded 124 years ago and has been on the Miami River since 1923. In 2004, Hugh Westbrook bought Merrill-Stevens and pledged to spend $60 million and create 300 jobs by redeveloping the site into a megayacht hub.

However, Westbrook said in a previous interview with the newspaper that a lack of financing stalled his plan.

In January, Merrill-Stevens laid off all but 28 employees and the business was effectively shut down. Previously, it had about 160 employees.

Click here for the full article.

Related

Everglades Expands Executive Team

The Edgewater, Fla.-based manufacturer adds positions in finance, sales and marketing and operations.

Heed Caution While Refueling

Ethanol can be back in a big way, and insufficent labeling at the pumps could lead to problems for your marine powerplant. And the MRAA’s voices support for the 30 by 30 initaitive.

Training the Next Generation

Crest Pontoons will donate a complete boat and trailer to a local high school’s raffle to raise money for its vocational programs.

An “Above Average” Hurricane Season

BoatUS wants to help boaters get ready for the 2021 Atlantic hurricane season, which begins June 1.

Webasto Produces 8,000th Marine Roof

The German company designs and builds a number of glass roof solutions for boats.

A Strong Q2 for Johnson Outdoors

With jumps in nearly all its business segments, the recreation manufacturer saw net sales increase by 26 percent.

Thrust Issues

Is it time for the industry to standardize trolling motor ratings?