Northside Marina Venture, a partnership sponsored by the Altman Cos., plans to redevelop the property to include residential and commercial space, while keeping the marina, says Amy Engelberg of BankAtlantic's Commercial Lending Division in Palm Beach, FL, and the loan officer for the transaction.

While plans are not firm, according to Engelberg, Altman currently is thinking about developing 120 three-story, waterfront condos over parking on the property. In addition, the company plans to develop a yacht club as well as office and retail space. How much and what type is not yet firm. "Everything is subject to change," she says.

"They plan to keep the marina in place. They're basically going to build around the marina," Engelberg says. She says Altman, primarily a residential developer, wants to make condos a component of the marina, which would be more profitable than just operating it as a marina. Currently, the 22-acre marina, located along the St. Lucie River, has 160 wet slips. "It's really prime real estate with the water views," she adds.Developers probably will start the redevelopment this summer or fall, according to Engelberg.