Mangrove Marina in Tavernier and The Sombrero Resort and Marina in Marathon – Sold

Summit Development, a diversified real estate development company with offices in North Palm Beach, said today that it has acquired two prominent marina properties in the Florida Keys – Mangrove Marina in Tavernier and The Sombrero Resort and Marina in Marathon. Summit said it will undertake extensive renovations to upgrade both properties.

Robert Charney, who overseas Summit’s Florida operations, noted that Summit recognizes the importance both locations play in the Keys. “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.”

Summit acquired the two sites from Sun Vest Communities, the successor to Cay Clubs. Robert Charney said: “We want to assure the Keys community and our visitors that under Summit’s ownership the two properties will be properly renovated so that they can regain their prominence in the community.”

• Mangrove Marina has 130 boat slips as well as rack storage, boat yard facilities, a fuel dock, boat launching ramp and a ships’ store. It is situated on the Inter-coastal Waterway and is protected on three sides by mangrove islands. Tavernier is about 12 miles south of Key Largo a 30-minute drive from the mainland.

•Sombrero Resort and Marina is midway between Key Largo and Key West. It includes a 54-slip marina as well as 124 one-bedroom condo-style suites and eight detached villas, “The Latitudes,” a full-service restaurant, tennis courts and a poolside tiki bar.