Regions Bank sells former Watermark DRI property


400-WATERMARK-DRIOver 3,200 acres of land foreclosed by Regions Bank west of I-95 on SR-206 has been sold to Cumberland Street LLC; according to the records of St Johns County Clerk of Court, Cheryl Strickland.

The buyer, a Florida company organized in December of 2009 in Santa Rosa County by Edward Gray, Gail Gray and Justin Gibson, all of Gulf Breeze, paid $9.9 million for the property once planned for the now-failed Watermark Development of Regional Impact.

Eddy Garcia, the principal in Watermen – St Johns Investment LLC, and the developer, Watermen Development Group LLC, both in Coral Gables, pulled the plug on the mixed-use project in 2008. Watermark DRI was to include 10,000 residential units and 3.5 million square feet of commercial and industrial space near Pedro Menendez High School.

No word yet on Cumberland Street’s plans for use of the land.

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