Notice to builders: If a prospective buyer lists his address as Briny Breezes, Fla., he's good for the money. On Jan. 10, the owners of the nearly 500 mobile homes in the oceanfront trailer park became instant millionaires when they voted to sell their town to a developer for $510 million.
The 43-acre town, which is governed by a volunteer co-op board and made up entirely of the trailer park, has 600 feet on the Atlantic Ocean and 1,100 feet on the Intracoastal Waterway. Boca Raton, Fla.–based Ocean Land Investments plans to build several hundred low-rise, multimillion-dollar condominiums, a marina, and a luxury hotel.
Once the deal closes in 2009, the next step will be to obtain necessary zoning and development approvals, which local officials have suggested will be tough to come by. Ocean Land isn't worried.
“We want to sit down with [local officials] right away, let them know conceptually what we're doing and hear their concerns,” Pierson says. “Our expectation is they'll be much more positive on the project going forward.”
Learn more about markets featured in this article: Orlando, FL.