In 2008, a housing development was built with the intention of being fee simple condos. However, due to the economic recession, the owners were forced to change their plans. As a result, The Cannonsport’s 36 units were converted into apartments and its accompanying 54-slip marina has been operating in this capacity for over 15 years.
Recently, JSB Capital Group and Ryan B. Johnson acquired both the apartment units and marina on Singer Island in Palm Beach Shores for $58.5 million – marking its first sale since it was developed. According to reports from South Florida Business Journal , S3 RE Cannonsport Funding provided a loan of $60 million to facilitate this purchase while Nationwide Realty Investors acted as seller.
Spanning across an area of 96,953 square feet on a site measuring at approximately2.36 acres,Cannonsport offers various unit sizes ranging from two bedrooms with1,823 square feet up to larger options at2
