[Missed it by that much.]$510 Million Trailer Park Deal Hits Wall
Developer Backs Off $510M Deal to Buy Fla. Trailer Park, for Now
The Associated Press
BRINY BREEZES, Fla.
The would-be millionaires of Briny Breezes trailer park may have lost their big chance.
A developer who agreed in January to pay $510 million for the waterfront trailer park town canceled the deal Monday because of a dispute with the community, though the company promised to try to work out the differences.
...
Ocean Land planned to turn the community of 488 trailers into about 900 multimillion-dollar condo units, a high-end marina and a 300-room luxury hotel. The proposal was scaled back from an earlier version, but Palm Beach County officials and area town leaders remained concerned about such a high-density development coming into the already cluttered coastline.
...
Some in the community had bought their homes for as little as $35,000. The deal to sell would make nearly every resident a millionaire.
...
Town of Briny Breezes: http://www.brinybreezes.com/
Ocean Land Investments: http://www.oceanland.com/
11 comments:
first
second
"Dispute with the community?"
I believe that.
That "dispute" seems a little convenient. My guess is the developer is looking for an easy exit.
I suspect the "dispute" involved money as in "10% now and 90% when we are done in 15 years."
I wonder how the trailer park owners would become millionaires. Usually they rent their space. I wouldn't think the buyer is buying all their trailers but buying the land from whoever owns it; usually they just come in and evict, maybe give them some assistance to move their trailers, but certainly not $1 million each.
Never, ever buy a trailer.
These are more like condo associations or housing co-ops. A holdover from a bygone era when people bought shares in the park and then purchased their own trailers.
The "dispute" was mostly an out for Ocean Land Investments. I read elsewhere that OLI wanted an extension or some sort and knew they wouldn't get it, thus their out.
I suspect the "dispute" involved money as in "10% now and 90% when we are done in 15 years."
Would you believe 15%?
LOL eric! Would you belive all the loose change I've got in my pocket and the keys to my Jetta?
Jetta gotz rimz?
Post a Comment