Marinas Pull Luxury Real Estate Buyers Chasing Bigger Yachts

Why marinas are suddenly a real estate amenity

High net worth buyers are chasing larger yachts, and the fleet's COVID-era growth has run ahead of marina capacity. Developers and investors are moving quickly to close that gap. SuperYacht Times reports the global count has surpassed 6,000 vessels longer than 30 meters, with roughly 200 more handed over each year, which helps explain the shortage of yacht slips.

Capital is following the demand. Last year Blackstone acquired Safe Harbor Marinas for $5.6 billion. In August, Safe Harbor spent $1.5 billion to pick up 65 marinas and storage properties from MarineMax. European private equity is also snapping up marinas around the Mediterranean to address regional shortfalls.

Big projects aimed at the yachting crowd

South Florida stands out in this trend. Billionaire Ken Griffin is developing a megayacht marina in Miami with space for eight megayachts, and one berth designed for his 308-foot yacht. The biggest swing comes from Related Group, which plans a $2 billion marina community in Fort Lauderdale. Construction is set to start next year with an opening targeted for 2030, and the plan calls for berths accommodating yachts as large as 350 feet, plus a St. Regis Hotel, condos and a beach club.

On the 40-acre property, plans call for a St. Regis hotel offering 122 rooms, a condominium tower with 78 residences, 106 resort residences, and a deepwater marina that can handle 250 boats. Plans call for a sports and wellness club with padel and tennis courts, a yoga lawn, a fitness center and pools, plus its own beach club. "Here in South Florida is there's been a scarcity of yachting destinations and marinas and slips," said Related Group's Nick Pérez. "So when you're able to combine irreplaceable real estate and a marina, you just have a winning formula."

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Fort Lauderdale's changing appeal and what it means for your portfolio

Fort Lauderdale has long been a U.S. hub for yachting, with a deep bench of repair and refit shops, crew talent, brokers, charter specialists and shipbuilder offices. Tourism officials estimate around 2,000 superyachts pass through the city every year, and many owners want housing for themselves and for crew. He added that as many as 30% of purchasers in the project could be international.

Taxes are part of the pull. Many buyers are arriving from Southern California and the Northeast to benefit from Florida's lower tax burden. "With the taxation situation in California, we're seeing a lot of interest from Newport and the Laguna area and San Diego," Pérez said. The bottom line: if marinas are the new must-have amenity, then projects that bundle slips, hospitality and retail stand to capture growing demand. Or as Pérez put it, "Fort Lauderdale is no longer T-shirt shops and flip-flops, it's now a luxury destination, with national retailers like Rolex, Patek, Cartier," adding, "When you look at Miami and Palm Beach and the growth, now it's Fort Lauderdale's time to shine."

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