A development partnership acquired a marine industry property on the Miami River and announced plans for a drystack facility and marina.
The property was acquired for $3.65 million by Miami Boat Storage, a partnership among AL US Investments, Quillpoint Capital Investments and War Chest River.
Miami Boat Storage managing member Chapman Ducote cites plans for a drystack for boat storage and a contemporary live/work lofts and retail at the working waterfront property. A small marina would service the facilities on the 47,152-square-foot lot, which includes 4,686 square feet of marine industrial space.
“Miami is a great place for boating,” Ducote said in a statement.
Ducote is also president and CEO of credit card processing company Merchant Services Ltd. and director of the Americas for Swedish carbon fiber yacht builder Delta Powerboats.
“Miami has Biscayne Bay, Stiltsville, excellent fishing grounds and is a beautiful waterfront city. I want to help continue to foster growth in the maritime industry here, and this marina development is a much needed project for our city,” Ducote said.
The entrepreneur and professional race car driver also acquired the vessel formerly known as Legacy, the three-story Lazzara Yachts-built floating barge, earlier this year. Ducote has renamed the barge Domino and relocated it to the Miami River.
This post originally appeared here.