PowerHouse Marina in North Miami Sold for $10.1 Million to Fontainebleau Development

PowerHouse Marina located in North Miami at 13255 Biscayne Blvd was purchased by Jeffrey Soffer’s Fontainebleau Development for $10.1 million.

The seller of the property is listed as David A. Marcus who originally purchased the property in 1995 for $912,500. The property originally opened in 1980 and sits on a canal alongside Biscayne Bay.

On the 1-acre site, there is a 10,000 square foot 2 story building along with 12 boat slips. The records show the property also has a boat repair yard as well as 12 boat slips that were completed in 1967.

The billionaire chairman and CEO of Fontainebleau, Soffer, and president Brett Mufson did not immediately return a call requesting information on whether the company intended to redevelop PowerHouse. According to the company’s website, Fontainebleau also owns and runs Turnberry Marina, a 68-slip facility in Aventura that can handle boats up to 160 feet in length.

The units in Tequesta, Florida’s Regency Condominium, a 53-year-old oceanfront condo structure, were all purchased by Fontainebleau last month for almost $100 million. For the purchase of a large number of condos, Motcomb Estates, an investment company owned by billionaire brothers Simon and David Reuben, granted a mortgage of $80.5 million.

According to published reports, Fontainebleau recently submitted plans to demolish the eight-story oceanfront Tequesta building with 40 units and replace it with a 10-story condominium with 34 luxurious units. The Reuben brothers have previously worked with Soffer and own a 25% stake in Fontainebleau’s JW Marriott branded hotel in Aventura.

Additionally last month, Fontainebleau used a Bank of China New York loan to refinance the JW Marriott Miami Turnberry Resort Hotel & Spa. According to statistics, the loan added $72.6 million while refinancing $339.5 million in debt.

In the three years since taking over the mortgage from Wells Fargo Bank in 2017, Bank of China has upped the amount three times.

Soffer’s second effort to purchase the Hollywood oceanfront Diplomat Beach Resort in February was unsuccessful. His business had intended to spend $850 million on Brookfield Property Partners to acquire the 1,000-room hotel. The resort is South Florida’s second-largest after Fontainebleau Miami Beach by Fontainebleau Development.

Want to Fly to Miami from London in 5 Hours? American Airlines is Trying to Make it Happen

 Thanks to American Airlines’ recent purchase of 20 new supersonic planes, passengers may soon be able to travel from Miami to London in less than five hours.

The agreement between American Airlines and Boom Supersonic to buy up to 20 Overture aircraft, with an option for a further 40, was made public on Tuesday.

With a range of 4,250 nautical miles, Overture aircraft are intended to carry 65 to 80 passengers at Mach 1.7 over water, which is twice as fast as the current fastest commercial aircraft.

According to American Airlines’ CFO, Derek Kerr, “Looking to the future, supersonic travel will be an important part of our ability to deliver for our customers. We are excited about how Boom will shape the future of travel both for our company and our customers.”

According to the business, Overture aircraft might someday travel more than 600 flights around the globe in as little as half the time.

There are several options, such as flying from Los Angeles to Honolulu in three hours or from Miami to London in under five.

With Overture, the world’s fastest aircraft, Boom Supersonic is revolutionizing air travel. Overture was designed for speed, safety, and sustainability. Overture, which will serve both civil and government markets, is built to run entirely on sustainable aviation fuel and will travel twice as fast as today’s airliners.

Overture is expected to debut the Boom Supersonic in 2025 and carry its first passengers by 2029, received its final production design in July.