BHCL PorfolioPgs 17x11 (Page 1)

Welcome to The Boat House, the most spectacular
wet and dry slip marina ever built in the Florida Keys.
Artists rendering
The new Boat House is now under construction;
the best part is you can still own a piece of it.
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New state-of-the-art full service marina with 200 dry slips,
66 wet slips, fuel dock, ample parking and marina store.
Our new boat barn has the largest storage capacity in the
Florida Keys, engineered to 155 MPH windload standards;
located in protected waters at Mile Marker 53.5 in Marathon
just minutes from Vaca Cut with easy access to both the Gulf
of Mexico and the Atlantic Ocean.
Established in 1974, with the Florida Keys’ most experienced
staff of professionals, The Boat House has been the Middle
Keys leading marine center for over thirty years.
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Dry boat storage facility includes two state-of-the-art hydraulic
forklifts, two forklift operators and two dockhands offering the
ultimate in safe and efficient service.
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Priority service and discounts to owners for engine
and boat repair.
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Newly built wet slips can accommodate boats up to 50’
in length and 4’ of draft at any tide.
Marina and dry slip services include engine warm-up and
dock hands for assistance in departures and arrivals. Bait,
ice, catering, charter and guide services available on-site.
Concierge service available to owners via email or telephone
for launch reservations to ensure your boat is ready for a day
of fishing when you arrive.
Regular email updates and the personal assistance of
our Fishing Director with expert advice and information on
Florida Keys fishing.
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24-hour security and web cams inside the dry boat
storage facility.
On-site marina store and gourmet deli.
Open 7 days a week from 7:00 AM - 6:00 PM with
unlimited number of in and out launches.
Just 1/4 mile from Indigo Reef Marina Homes, 5 miles from
Tranquility Bay and 7.5 miles from Village at Hawk’s Cay.
Resort-style swimming pool and showers on site.
Boutique resort with on-site luxury waterfront homes each
with 3 bedrooms, 2-1/2 baths, granite countertops, stainless
steel appliances, tile throughout, designer furnishings.
Engineered to 155 mph windload standards,
every dry slip individually sprinklered,
high-tech security webcams on-site.
Artists rendering
Secure, protected state-of-the-art dockage and resort
amenities with 5 minute access to the Atlantic or Gulf.
Artists rendering
Site plan for The Boat House,
Boat House Marina and
Coral Lagoon Resort
Marina
Arrival
Reception
Canal
Artists rendering
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Atlantic Ocean
Marina
Store
Pool
US 1 Overseas Highway
The Boat House
The Boat House Dry Marina Slip Layout
Overseas Highway
33’ Typical
33’ Typical
36’ Typical
36’ Typical
Entrance Doors
12.5’ Wide
Entrance Doors
10’4”
Slips 1-11
Slips 12-22
Typical Section
Slips 23-68
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13’
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13’
10’-11’ Typical
Slips 46-68
Slips 23-45
10’-11’ Typical
54’ Aisle
A
36’
Entrance Doors
Typical Section
Slips 1-22
10’4”
C
13’
59’ Aisle
B
13’
A
Legend
C=
B=
A=
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Upper Rack
Middle Rack
Lower Rack
Extra Large Slips
33’
Entrance Doors
Marina
The Boat House Site Plan
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The Boat House
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Marina
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Reception
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Canal
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U.S. 1 Overseas Highway
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Atlantic Ocean
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First Cast: Condo-manias, Docko-miniums
“The story is the same in every waterfront county. Palm Beach has lost 15 percent of its public
marinas in recent years. In Broward over 10 percent are going or at risk. Meantime, the boat population
increased 51 percent from 1987 to 2003, to just under a million. Odds of getting new marinas
approved, with the manateeics-riding herd on DEP?”
Florida Sportsman.com
It used to be an inside joke; the best way to make a small fortune was to
invest a large fortune into a marina. There was a brisk market in buying
and selling 20 years ago, and not because marinas were money
machines. A lot of guys at or near retirement thought this would be a great
way to while away their golden years on the waterfront with boat people
like themselves, sip a few margaritas at sundown and generally enjoy life.
It doesn’t often work out that way.
Running a marina ain’t nearly as easy as it looks, and sounds like a lot
more fun than it is, as many who own them will vouch. You start early, quit
late. Good help is very hard to find. And the return on the investment is
often somewhat less than magnificent, despite the price of gas. Which is
why Florida is headed for a crisis these days. It’s no longer true that a
marina will turn a large fortune into a small one.
Now, a marina can turn a small fortune into a Donald Trump-style
mega-stash. So long as it’s no longer a marina. Marinas sit on hallowed
ground; Florida waterfront. Gold is cheap compared to a front foot of dirt
on salt water these days. People are buying million-dollar homes and
flattening them so they can put up $10 million homes. When a developer
sees a marina these days, his palms begin to itch. Should he happen on
a sleepy marina owner somewhere up in Big Bend country, leaning back
in his chair and whittling a trout plug while he hopes for a couple of
johnboat rentals to help pay for the bait-shrimp order tomorrow morning,
this is a dream. There’s beau-coop money to be made in this mad rush
of condo-manias and docko-miniums. Why should you care what
happens to marinas?
Several reasons. Boat ramps-if you can’t launch it, you can’t fish it. Boat
storage-as you may have noticed, a lot of new housing developments don’t
allow boats in the driveways or in the yards. And the crunch on waterfront
space is allowing existing marinas to force you to buy back rack space
for dry storage instead of renting it -and that rack may cost well into the
five figures.
If you have a large boat that has to live in the water, forget it. Dock
space is becoming impossible to find. Again, you have to buy the dock to
get it, and these days the dock is likely to cost more than a waterfront
house did 15 years ago. Not to mention those little necessities of live-bait,
tackle, gas, and oil. These condo clubhouses will not welcome you if you
show up with your shrimp bucket.
And maybe even more important than the physical stuff, which you
can somehow work around, is the A word. Ambiance. They’re not making
any more of it. Even though developers are trying desperately. Design
companies are doing their best to manufacture quaint, but you can’t copy
what 50 years of salt water, coffee dawns and beer afternoons, shared
excitement, broken dreams, and surviving a few dozen hurricanes does
to a place.
The story is the same in every waterfront county. Palm Beach has lost
15 percent of its public marinas in recent years. In Broward over 10
percent are going or at risk. Meantime, the boat population increased 51
percent from 1987 to 2003, to just under a million. Odds of getting new
marinas approved, with the manateeics-riding herd on DEP? Don’t ask.
The legislature has passed a law to help preserve marinas, as have some
counties. But the trend is clearly continuing. We are going to need some
serious energy devoted to new boat ramps and other marine facilities, or
Florida is soon going to become a place where fishing from boats is
something people used to do. It must have been sort of quaint-like.
“POSH PORTS. A new dry dock storage facility…promises security to
South Florida Boaters if they can afford it.”
“It’s even attracting interest from investors buying slips to flip…boat storage space is in high
demand and short supply as marinas and dry docks give way to luxury high-rises and other developments,
while boats keep getting bigger.”
By Amy Martinez
For sale: Cozy upper-story unit in gated community with 24-hour
surveillance, waterway access and clubroom perfect for entertaining
friends.
But this luxury-style living isn’t for you – it’s for your boat.
The “rackominium,” where dry boat slips go for as much as condo units,
promises boaters security for their beloved vessels.
It’s even attracting interest from investors buying slips to flip. That’s
because much like the real estate market, boat storage space is in high
demand and short supply as marinas and dry docks give way to luxury
high-rises and other developments, while boats keep getting bigger.
Take Dania Beach Boat Club: Set to open Saturday, it offers 210 spaces
for between $77,000 and $300,000, depending on the size of the boat.
A single space can accommodate vessels up to 52 feet long and 37,000
pounds.
“It’s one of the few things you can do with your boat that actually
increases in value,” Realtor Ray Kooser tells potential buyers.
Dania Beach Boat Club is believed to be South Florida’s first
rackominium, though a second is expected by month’s end.
Wet boat slips – known as dockominiums – have been sold locally for
a few years. Until now, dry storage spaces were only rented, not sold, said
Frank Herhold, executive director of the Marine Industries Association of
South Florida.
Kooser said 50 spaces already have been sold. Of those, roughly 12
went to investors like Phil and Adeinaz Sedorko of Davie, who recently
bought a pair. The Sedorkos have no intention of using the slips, but rather
plan to rent them out for two to three years, then sell. They don’t even
have a boat.
“We have properties all over – Las Vegas, Alabama, Tennessee,”
Adeinaz Sedorko said, adding that she believes the rackominium promises
to be another smart investment.
On the 17th Street Causeway in Fort Lauderdale, the Port Condominium
and Marina also promotes a rackominium, though it’s not scheduled to
open until later this month. Spaces at the 125-slip rackominium cost
between $160,000 and $280,000. All but 20 slips have been sold, said
developer Chris Rosenberg.
Herhold worries that many boat owners can’t afford the $77,000-andup price tag at a rackominium.
“All of a sudden, the price of boating has gone up significantly for
people who don’t have a place to put their boats at home,” said Herhold,
who noted that boats are getting bigger and bigger, making it difficult to
store them in front yards and carports.
Developer Mike Lally had hoped five years ago to put a warehouse on
the land where Dania Beach Boat Club now stands. But city planners
urged him to find a use more fitting with the neighborhood’s boating
focus. “I didn’t know as much then as I do now,” Lally said. “There really
was a void in the market for this.”
At the very least, Herhold credits Lally for creating something for
boaters, even if not all can afford it. “It’s going to preserve slips for the
future,” Herhold said.
About 14 boat storage facilities available to the public in Broward
County have been or will be converted to other uses, affecting 1,800 slips,
Herhold said.
Kooser tells potential buyers that a rackominium is one way to hedge
against the loss of more slips.
“This gives people assurances that the property won’t be sold out from
under them,” Kooser said.
Interest rising in boat condos
“It’s about supply and demand,” said Andrew DeSalvo, a commercial real estate broker with Premier Commercial
Properties in Bonita Springs. “It’s a limited resource and there are more and more boats and boat owners every day.
There’s only so much available space in which you can put docks in and that's what creates the demand.”
By RIDDHI TRIVEDI - ST. CLAIR, Business Editor
Prices on shoreline properties are rising at an almost alarming rate.
With most of the beachfront already almost completely developed, such
properties are getting harder to come by.
An even rarer find are boat slips.
“They are like parking garages in New York City,” said Dan Diamond, a
New York City resident who has been spending many months a year in
Southwest Florida for more than 20 years. “People (in New York City) don’t
buy cars because they don’t have anywhere to park them. It’s rapidly
becoming the same scenario with boats in that area.”
Diamond owns a condo in Naples and a boat as well but didn’t have
anywhere nice, safe and dry to put his boat. So when he heard about a new
boat condo being planned in Bonita Springs, he bought a slip right away.
Diamond isn’t the only one. The idea is so popular that construction on
“dockominiums” at Back Bay Marina on Bonita Beach Road hasn’t even
begun yet and already the units are selling so fast the demand is driving
up the price.
“Some friends of mine bought one in early January for $69,900,” said
Steve Nieder, a northwest Indiana resident. “I bought one about three
weeks later and it had appreciated 18 percent.”
Nieder visits the area often and plans to move here soon and buy a
boat. Both Diamond and Nieder say they bought their slips for personal
use but neither are denying that it is a great investment.
“It’s a high demand market,” said Ted Schiafone, of the Back Bay
Improvement Group, which is developing the “dockominium” at Back Bay
Marina. “There is a limited amount of waterfront property available and
it’s getting more and more expensive to buy one of those.”
It’s cheaper, he said, to buy a non-waterfront property for significantly
less money and then invest a couple hundred thousand in a boat condo.
“Once they purchase a boat slip, they can use it, lease it or just let it
appreciate and sell it,” Schiafone said. “I have many clients that are
actually buying two slips – one for themselves and one as an investment.”
Dockominiums are built for dry storage of boats. The boats are stacked
on top of each other in a system of grids in slips of different widths. The
boats are lifted in and out of the storage space with a forklift.
“Our storage facility is going to be five stories high. Different ones are
different sizes and can accommodate different numbers and sizes of
boats,” Schiafone said. “Back Bay will be able accommodate boats up to
30 feet in length.”
For developers, especially if they already own a waterfront property
zoned for that type of development or a marina, boat condos can be an
investment with high return.
There are risks, however, including environmental issues, particularly
those related to manatees.
“You are not going to be able to buy a piece of property and get it
permitted for a marina,” Schiafone said. “The permitting will take years
and it would be an investment of millions of dollars.”
For someone who already owns a marina or a location with permitting
for a boat facility in place, boat condos can be a smart investment.
“It’s about supply and demand,” said Andrew DeSalvo, a commercial
real estate broker with Premier Commercial Properties in Bonita Springs.
“It’s a limited resource and there are more and more boats and boat
owners every day. There’s only so much available space in which you can
put docks in and that's what creates the demand.”
Or as Schiafone puts it, no more waterfront is being made.
“That brings it back to the same things – the price is going to go up,”
DeSalvo said.
Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations, reference should be made to the contract and in the case of wet slips and/or dry slips the documents required by section
718.503 Florida Statutes, to be furnished by a developer to a buyer or lessee of a condominium unit. Any image herein is an artist rendering and for conceptual purposes only. This is not an offer or solicitation within any state prohibited by law.
12411 Overseas Highway, MM 53.5
Marathon, FL 33050
T: 305.289.1323 F: 305.289.8499
www.theboathousemarina.com
www.corallagoonresort.com
Latitude: 24˚ 43’ 46” N
Longitude: 81˚ 01’ 27” W
Conch Key
GULF OF MEXICO
US?1??Overseas?Highway
Duck Key
Marathon?Airport
Seven?Mile?Bridge
The Boat House
Marathon
ATLANTIC OCEAN