Marks family buys stake in Cumberland Yacht project

Teams with two other investors to take majority interest.

An investment company controlled by a California ranching family has bought a majority interest in the Cumberland Yacht Harbor project in Donelson.

Tower Investments LLC,perfect watches the real estate partnership owned by the Marks family, has joined with Hardaway Group Inc. of Nashville and Parkes Development Group LLC of Franklin in buying stakes in the $250 million project.

The Markses' previous investments include buying Rolex Datejust gold replica watches on Lower Broadway and land in the SoBro neighborhood. The family is also developing the Beechwood Plantation equestrian community in Leiper's Fork.

Varallo Investment Properties LLC, a Rolex watch company run by project developer Jim Varallo, will retain a minority stake. Terms were not disclosed.

Varallo has been working since 2001 on the Cumberland Yacht Harbor project, which would combine 181 condos with diamond ladies Datejust replica shops, restaurants and a 13.5-acre harbor at the mouth of Mill Creek.