Former Cay Club sites up for sale: Foreclosed properties now on market

Thursday, 08 May 2008 14:48 Written by George Wilson Last Updated on Monday, 19 May 2008 13:45

by Sam Nissen This e-mail address is being protected from spambots. You need JavaScript enabled to view it

The Pilot House Restaurant and Marina in Key Largo and other formerly Cay Clubs-owned properties are on the market, according to George Wilson, a real estate agent at Prudential Keyside Properties.

Other parcels for sale individually include residential lots in Tavernier and Marathon, an office building in Key Largo and an apartment building in Marathon, Wilson, said. The Tavernier lots are under contract to sell this week.

JDI, a Chicago-based real estate investment firm, won the properties in an auction stemming from its foreclosure suit against Cay Clubs. The company said it was owed more than $7 million on a mortgage it had with Cay Clubs.

Cay Clubs bought the properties amid plans to turn hotels into upscale condominium resorts up and down the Keys. Its efforts grinded to a halt last fall and the company faces a myriad of legal battles across the state. Cay Clubs lost much of its much-advertised Keys holdings to various partners, including JDI, Sunvest Communities and the Singh Co.

The Pilot House property includes boat slips and dry stacks, a refueling station, a dive shop, Calypso's Seafood Grill, two residential homes and the namesake restaurant. The parcels stretch across from 1 to 15 Seagate Blvd. and one of the homes is across the water at 600 Portia Circle. ( Actually, the home is for sale seperately at $825,000 and not included in the marina. gw)

The whole package is listed at $8.5 million, though Wilson said it could be broken up.

“Of the properties they have, that's the crown jewel,” he said. “It's a great property with a lot of interest. I don't think it will be too long before someone sees what it's worth.”

The office building is at 94500 Overseas Highway in Key Largo, and the two parcels under contract are on Airport Road, including one at 156 S. Airport Road (the other is adjoining to the east).

The property in Marathon includes 372 11th St. ocean (the small apartment building on the east side of the road) and 543 and 453 11th St. ocean, the waterfront residential buildings on the west side.

To see more of the Keynoter, or to subscribe to the newspaper, go to http://www.keynoter.com. Copyright (c) 2008, Florida Keys Keynoter, Marathon Distributed by McClatchy-Tribune Information Services.