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Investor Buys 60 Discounted Units Downtown

MIAMI-Welcome Bay LLC paid $13 million to Netscape co-founder Jim Clark for the condos at his 516-unit MarinaBlue project.

By Paola Iuspa-Abbott | Updated on January 06, 2009

(This story, in slightly different form, originally appeared in the Daily Business Review.)

Large holiday discounts weren’t just limited to retailers hoping to move inventory off shelves in a recession year. Jim Clark, a Silicon Valley entrepreneur-turned-developer, apparently took the same approach to liquidate unsold condos at his MarinaBlue condo project at 888 Biscayne Blvd. in Downtown Miami. The Netscape co-founder has sold 60 units to an investment group at steep discounts. Singer Island-based Welcome Bay LLC paid about $13 million in the bulk deal.

Each unit had a different price, with some showing discounts of up to 70% compared to prices paid for similar units in March 2008 by individual buyers. For example, Welcome Bay bought Unit 2012 for $168,600, or $127.92 per square foot. The condo has 1,318 square feet of air conditioned space. In March, Unit 2112, an identical unit a floor above, sold for $557,740, or $423.17 per square foot, according to Miami-Dade County property records. The prices per square foot in the bulk sale ranged from about $126 to about$279.

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