Billionaires can’t find parking for their megayachts — and developers are cashing in
Billionaires have the boats. Now they need somewhere to put them.
The world’s wealthiest are hunting for homes that come with a spot for their floating palaces, and developers are tripping over themselves to oblige, turning the marina into luxury real estate’s hottest new amenity.
“People want it all now. They don’t want a waterfront home in one place and their boat somewhere else,” Nick Pérez, president of Related Group’s condominium division, told The Post.
The superyacht fleet has exploded since the pandemic. More than 6,000 vessels longer than 98 feet now cruise the globe, with roughly 200 more launched every year, according to SuperYacht Times. Florida alone now counts about 1 million registered recreational boats.
The catch is those boats keep getting bigger, and there aren’t nearly enough berths to go around.
“South Florida has changed faster over the past five years than anyone expected, and the number of yachts has grown with it. Marinas haven’t kept pace, especially ones built for the size of yachts we see today,” Pérez said.
Jennifer Leong, managing director of developments for Broward County at ONE Sotheby’s International Realty, put it even more bluntly.
“For owners of yachts over 100 feet, securing a suitable slip can be harder than finding an off-market penthouse,” Leong told The Post.
And even those with plenty of shoreline are paying up for parking elsewhere.
“Many of these owners have plenty of water frontage, but they prefer not to obstruct their views and choose to dock at a private marina or purchase a separate property just to park their yacht,” she said.
Wall Street smells money. Blackstone forked over $5.6 billion for Safe Harbor Marinas last year, and Safe Harbor promptly went on its own shopping spree, dropping $1.5 billion in August to scoop up 65 marinas and storage sites from MarineMax. Across the Atlantic, European private equity players are gobbling up Mediterranean harbors to plug the same gap.
Nowhere is the frenzy hotter than South Florida.
Hedge fund titan Ken Griffin is building his own Miami marina with eight megayacht berths, one of them reserved for his 308-foot boat.
But the biggest bet of all belongs to Related Group, which is sinking $2 billion into a top-to-bottom reinvention of Bahia Mar in Fort Lauderdale, alongside partners Tate Capital and Rok Acquisitions. The site is hallowed ground for boaters, long serving as home base for the Fort Lauderdale International Boat Show.
That pedigree is already paying off. Related says it moved about $80 million worth of units in the run-up to and during this year’s show.
“This year’s boat show ran right on our doorstep, and we saw that dynamic play out firsthand. Our team was able to generate roughly $80 million in sales in the weeks leading into and throughout the boat show,” Pérez said.
Shovels are set to hit the dirt next year, with a 2030 opening on the books.
The 40-acre compound will feature a 122-room St. Regis hotel, a 78-unit condo tower and 106 resort residences, all wrapped around a deepwater marina with room for 250 vessels, including yachts stretching up to 350 feet. Residents also get a sports and wellness club stocked with padel and tennis courts, a yoga lawn, a gym and pools, plus a private beach club. Listed units have ranged from about $3.1 million to $22 million.
“For a lot of our buyers, the marina is what first gets their attention, and the St. Regis service and the Bahia Mar Club are what keep it,” Pérez said.
Just up the Intracoastal, Tavistock’s Pier Sixty-Six has already finished its own $1 billion overhaul of the 32-acre waterfront spread. The developer bills its marina as the biggest superyacht harbor on the East Coast, with 164 slips and close to 5,000 linear feet of dock space that can handle boats as long as 400 feet. It played host to the boat show’s Superyacht Village again this year.
The complex also packs 88 homes, a 325-room hotel, an invite-only club and a dozen restaurants, among them a revolving cocktail bar the developer says is one of a kind in the South.
Roughly 60% of the residents there own boats, according to the developer. One couple snapped up two raw units in the Azul building and merged them into a single sprawling pad, docking three vessels in the marina right below. The husband, who eyed the property for years before pulling the trigger, now uses it as a weekend getaway for three generations of his family.
The building’s first penthouse sold fast for $15.5 million. Its final one just hit the market at $16 million, offering 7,600 square feet, a terrace that wraps around the unit, a pair of plunge pools, Artefacto interiors and sweeping views of both the Intracoastal and the ocean.
And Tavistock isn’t done. Its multibillion-dollar second phase will literally dig an acre out of dry land to create a fresh basin, since today’s superyachts are ballooning in width as well as length. The plan also tacks on four mixed-use buildings and one of the biggest waterside promenades in the city.
The money is following. Broward County sales of homes priced at $10 million or more have jumped nearly fivefold since 2019, while condo deals topping $1,000 a square foot have soared 670%, according to Analytics Miami. The firm says Fort Lauderdale has South Florida’s “longest runway” for growth, fueled by wealthy transplants.
The scramble stretches north to Boca Raton, where Royal Palm Yacht & Country Club covers 450 acres with under 700 homes and a private club boasting its own marina and a Jack Nicklaus golf course. The gated enclave grabbed headlines after Travis Kelce leased a waterfront mansion there for offseason training, with Taylor Swift spotted alongside him at the club.
Douglas Elliman’s Senada Adžem has a $19 million waterfront listing in the community at 212 W. Alexander Palm Road.
“In Boca Raton, communities like Royal Palm Yacht & Country Club are incredibly desirable because buyers can have a beautiful estate with their boat right in their backyard,” Adžem told The Post.
“Developers are starting to recognize that having a marina or dedicated dockage is no longer just a nice amenity, it’s a major selling point.”
For Pérez, the pitch boils down to one simple shift.
“Waterfront used to be about the view. Now it’s about what you can do from your front door,” Perez added.