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Summit Development Acquires the Sombrero Resort and Marina and the
Mangrove Marina in the Florida Keys; Plans Major Renovations

NORTH PALM BEACH, Fla., April 23, 2009 - Summit Development, a diversified real estate development company with offices in North Palm Beach, said today that it has acquired two prominent marina properties in the Florida Keys -- Mangrove Marina in Tavernier and The Sombrero Resort and Marina in Marathon. Summit said it will undertake extensive renovations to upgrade both properties.

Summit Development, which is actively seeking office, retail, residential, hotel and marina opportunities throughout South Florida, has wide-ranging experience in property acquisition, renovation and management. The company specializes in repositioning under-performing real estate assets.

Sombrero Resort and Marina
19 Sombrero Blvd, Marathon, Florida
Summit Development President Felix Charney said the two marina properties will require major investment to restore them. "While both are clearly in need of work, that does not diminish their inherent value in terms of their location and potential. We see tremendous opportunities with respect to the marinas. We have spent the last 15 months looking at under-performing assets in South Florida and these two locations stood out," he said.

Robert Charney, who oversees Summit's Florida operations, noted that Summit recognizes the importance both locations play in the Keys. "It is obvious that the deterioration of these two properties has been a cause for concern. We are well-financed and are confident that we can accomplish a repositioning of the two sites that will once again make them the valuable component of the Keys business community that they can and should be."

Summit acquired the two sites from Sun Vest Communities, the successor to Cay Clubs. Robert Charney said: "We want to assure the Keys community and our visitors that under Summit's ownership the two properties will be properly renovated so that they can regain their prominence in the community."

Mangrove Marina has 130 boat slips as well as rack storage, boat yard facilities, a fuel dock, boat launching ramp and a ships' store. It is situated on the Inter-coastal Waterway and is protected on three sides by mangrove islands. Tavernier is about 12 miles south of Key Largo a 30-minute drive from the mainland.

Sombrero Resort and Marina is midway between Key Largo and Key West. It includes a 54-slip marina as well as 124 one-bedroom condo-style suites and eight detached villas, "The Latitudes," a full-service restaurant, tennis courts and a poolside tiki bar.

"Redevelopment is something we do well," Felix Charney said. "We are anxious to get started on the two marina sites in the Keys and we are actively pursuing other opportunities throughout Florida. These may include hotels, marinas, retail and office properties, and both for sale and leased single-family, multi-family and condominium projects."

Orion Bank, which has 23 branches in Florida, is providing financing for the acquisition and renovation of the two properties.

Summit Development is based in Southport, CT, and has offices in Chappaqua, NY, as well as North Palm Beach. Summit has a reputation as an innovative developer that has prospered through strategic purchases of well-located assets. While Summit has broad experience in many areas of commercial and residential development, its particular focus has been on redevelopment and re-positioning undervalued assets. Since its founding in 1981, the company has developed more than 4,000,000 square feet of commercial space and more than 1,000 units of residential housing.


 Summit Development

Also See: Donahue Peebles Acquires the Key Colony Bay Motel in Marathon, Florida for $28.3 million; Will Convert to a Condo Hotel / February 2007



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