Sun Sentinel, September 22, 2015 – With demand for yacht parking on the rise in South Florida, a new marina for mega-yachts is being planned in Dania Beach at a cost estimated to top $12 million.
Edelman Development Corp. plans to buy a nearly five-acre portion of a waterfront parcel owned by the Archdiocese of Miami and excavate land to develop the marina, said Ken Edelman, president of the real-estate group based in Weston.
Plans call for creating about 2,400 lineal feet of dock space and renting out that space on a daily, monthly or even yearly basis for smaller vessels or yachts 200 feet long, Edelman said.
The proposed dock space can accommodate roughly 40 smaller boats or 20 mega-yachts, said environmental consultant Tyler Chappell of The Chappell Group, based in Pompano Beach.
Mega-yachts will be able to reach the new marina from the Atlantic Ocean, thanks to deeper waters dredged in the Dania Beach Cut in a $7 million project completed last year, Chappell said.
Pending final approvals from Dania Beach, developers hope to buy the northern part of the parcel at 441 NE 2nd St. by early next year and then complete excavation and install fixed and floating docks over about a year. That timeline would put the opening date in 2017, Edelman said.
“We’re targeting the larger boats, because they have very few choices to park,” Edelman said. “To get to our Dania Beach Mega Yacht Marina, they’ll have unobstructed, deep-water access with no bridges.”
Economic recovery after the Great Recession is fueling demand for mega-yachts and for their parking in the Fort Lauderdale area, dubbed the “Yachting Capital of the World.” Parking is especially tight in the fall, when super-yachts return from summers in Europe or the U.S. Northeast and prepare for the annual Fort Lauderdale International Boat Show and for winters in the Caribbean region, industry leaders say.
To meet growing demand, a separate developer plans a “dockominium” project in Fort Lauderdale. That venture calls for mega-yacht owners to buy covered parking spots and pay monthly maintenance fees and yearly property taxes, much like a condominium. Prices start at $1.8 million and run up to $3 million for each of the 26 dockominiums.
Edelman said his proposed Dania Beach marina provides rental space, instead of dockominiums, to ensure flexibility for yacht owners. Many owners move their yachts around the world and like short contracts to park, instead of buying spots. Plus, many owners trade up in the size of their yachts, so buying a spot for a specific boat and then selling it later may not make sense for them, Edelman said.
Plans for the mega-yacht marina underscore the growing strength of boating industry in Broward County, which last year supported more than 110,000 jobs and produced an economic impact topping $8.8 billion, said Phil Purcell, executive director of the Marine Industries Association of South Florida.
“This project shows the opportunity in the marine community,” Purcell said. “It’s big.”