Marinas paired with condos make good partners
5/25/2004 7:26:03 PM by Jana Soeldner Danger
In South Florida, where so many people love boating, real estate developers lucky enough to be able to offer slips or fullfledged marinas as part of their amenity packages have a key marketing advantage. As prime sites for condominium projects grow scarcer in Miami-Dade County, developers are moving north to Broward and Palm Beach counties. Regardless of the area, however, residential projects with marinas are rare, and are likely to become even more so, because getting the necessary permits to build a new marina can be very difficult.
"A marina is one of the best amenities a condominium can have, because it sets a complex apart," said Jerry Lehman, broker at Leman Realty Services in Boca Raton. "Everybody has a pool and tennis courts, but for those who come to Florida for the lifestyle, a marina can be a big thing. "People come from all over the world looking for dockage here," Lehman added. "It's what Florida is all about." Miami real estate consultant Lou Goodkin said boat slips can be a factor in a buyer's decision to purchase a particular condo. "Onsite slips are an attraction for people who want to own recreational boats," he said. "It's difficult to develop new marinas, so having slips is an advantage, especially if they're in a place where it's not hard to get to deep water." The Moorings at Lantana, a mixed-use project with 357 condominium units and 21 townhomes priced from the $200,000s to the $600,000s, as well as 25,000 square feet of retail space, will include a marina with 70 boat slips.
"The marina is definitely a selling point," said Roberto Rocha, executive vice president of The Related Group, developers of the project. "Amarina is a hot commodity, because Florida is all about water and boating," Rocha continued. "People relocate here for weather and water. For a boat owner who wants to buy a condo, it's a perfect match." The Related Group is also developing Marina Village at Boynton Beach, a project with 338 condominium units and 11 townhomes priced from the $200,000s to the $600,000s. It will have 38 slips.
"Owners can have their boats right in front of their townhomes," Rocha said. "We're getting a lot of people who live in older buildings and want to upgrade, as well as an influx of northeasterners." Bellaria, a waterfront condominium project being developed by Premier Palm Beach, will have two five-story buildings with a total of 33 units ranging form 3,000 to 6,200 square feet, and a floating dock. Condos are priced from $1.9 to more than $5 million. Michael Goldstein, president of sales and marketing, said that although Bellaria was selling well before the dock was planned, a dock or marina is a highly desirable amenity.
"In most places, you can't build new docks, and there's definitely a shortage of slips, especially for people with big boats," Goldstein said. "People want the convenience of not having to travel to get to their boats." Owners of large yachts are most likely to be attracted by marina accommodations, Goldstein added. "Because so many marinas are full, people with boats of 100 feet or more may buy a condominium with a marina mostly for the marina."
In Fort Lauderdale, The Symphony combines the convenience of on-site boat slips with the energy of an urban lifestyle. The two 22-story buildings located adjacent to the Broward Center for the Performing Arts will have 338 units priced from $480,000. The project includes a private marina with about a dozen 40-foot slips on the New River, with easy access to the Intracoastal Waterway. "We're the only condominium project on the river that has the option of offering boat slips, and it definitely sets us apart," said Joel Altman, who is developing the project in partnership with Jack Abdo. "Fort Lauderdale is known as the yachting capital of the world, so boating is synonymous with the area. There's more interest in the slips than there are slips available."
Two new buildings, The Commodore and The Anchorage, are being added to the three existing ones at Jupiter Yacht Club, a complex on the Intracoastal with 89 deep-water slips. "Whenever you have a property on the water, with the possibility for boating access, it's certainly desirable to provide that access," said Don Gunn, vice president and senior project manager for WCI Communities, developer of the project. The new buildings at Jupiter Yacht Club will have 56 units priced from the $700,000s to more than $1 million.
"In communities where you have marinas, the beautiful views are a plus for many people, even if they're not into boating," Gunn said. WCI is also the developer of One Watermark Place on the Intracoastal in West Palm Beach, a complex with 48 units and 22 slips. Only two penthouses remain for sale. "Nearly all our communities offer boating or golfing and other outdoor activities," Gunn said. "We're responding to our buyers. For those who are boaters, having access to boating facilities is a factor in where they locate." Tying the lure of boating to a desirable residence makes life easier for a developer, Rocha noted, "I just wish I had more projects with marinas."
Jana Soeldner Danger can be contacted at jdanger@herald.com.