BOYNTON BEACH, FL-Shareholders of Briny Breezes Inc. have approved the community board's decision to sell the 43-acre oceanfront parcel for $510 million to Boca Raton-based Ocean Land Investments Inc. The board signed an agreement with Ocean Land for the sale last month. Ratification required approval from two-thirds of the shareholders.

Ocean Land Investments Inc. vice president Logan Pierson tells GlobeSt.com that, with the approval, the development team plans to meet with civic leaders to discuss plans for the site. "We anticipate a meeting as early as next week where we will outline conceptual plans for the site and listen to any concerns they might have," he says.

Although specific site plans for the property have not been developed, Ocean Land's conceptual plans for the property include developing a mixed-use community over a 10-to-15-year period. The conceptual plan calls for 900 condominiums with 3,100 sf that sell for $3-million, a 300-unit hotel near the beach, a 300-unit fractional ownership property, a reconfigured marina and yacht club. Traffic studies of the area, which should be completed within the next few weeks, will largely determine the density of the project, Pierson says. "The buildings would be mid-rise with a lot of green space in between them," he says.

The sale generates an average of $1 million for each of the 488 shareholders/owners. Current residents may remain in the park until it closes in early 2009. Established in 1963, Briny Breezes Mobile Home Park is a community of 488 mobile homes on State Road A1A in Palm Beach County near the cities of Palm Beach and Delray Beach.

Ocean Land was among several companies vying for the property, which includes 600 feet of beachfront on the Atlantic Ocean and 1,100 feet of frontage along the Intracoastal Waterway. Among members of Ocean Land's development team are Catalfumo Corp. president and founder Dan Catalfumo, United Capital Markets founder and CEO John Devaney and Related Group's Jorge Perez.