"The Related Group had deposits on most units, but it couldn't proceed, because the financing didn't come together," says Chris Wood, first vice president at CB Richard Ellis in Ft. Lauderdale, who is marketing the property for its present owner, City National Bank, a Miami-based lender, who is asking $14.5 million for the land. The Related Group had a mortgage on the land, which is one of the few remaining waterfront parcels in Miami-Dade County, he says.

"There is a lot of interest in the property," says Wood, although he declined to name the prospective buyers, except to say that "they are investors or multi family, condominium or resort developers who want to buy the land for future development."

" The general feeling is that the market has bottomed out and we are seeing an uptick in interest in vacant land today," says Wood.