Miami Mortgage News

Condo boat slip project on Miami River redesigned with more living quarters

Plans for the Sea Vault boat slip condo project along the Miami River have been revamped with more slips and living quarters for yacht owners and crew.

The Miami River Commission’s Urban Infill & Greenways Subcommittee will meet on May 19 to consider the new plans for the 9.4-acre site at 1583 N.W. 24th Ave. In March 2015, the MRC supported the developer’s plan for 14 large boat slips and 14 living quarters, but the new plan would have 45 boat slips – with the sizes reduced – and 45 separate living quarters.

The property is owned by Brisas Del Rio, headed by Miami Beach developer Homero Meruelo.

“With the 14 slips, the pricing and the number of vessels out there was difficult,” Meruelo said. “The market is much larger for smaller vessels than what we had planned. We were looking at 200-foot vessels. Now we are looking at 100-foot vessels.”

Meruelo said the current boat slips at the property would be redeveloped to accommodate boats from 50 to 100 feet. It would sell the boat slips with crew quarters buildings of 3,000 square feet each. These three-story buildings could be configured for a combination of living space, office space or warehousing, he said. They would have full kitchens and bathrooms.

Sea Vault would also have a clubhouse, lounge, pool and tennis courts. It would be surrounded by locked gates to make it a private yacht club, Meruelo said.

Brisas Del Rio acquired the property for $7.5 million in 2003. The developer previously sought approval for a high-rise condo there but a legal challenge resulted in the area being restricted to mostly marine industry uses.

Meruelo said he has yet to select an architect Sea Vault

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