Developer lists Fort Lauderdale marina site, could fetch $12M
Battle Plan Capital focused on resi projects along the Gulf Coast, broker says
October 21, 2016 03:55PMBy Katherine Kallergis
Rendering of Harbour Twenty Six. Inset: Developer Nathan Cox
The developer of a planned superyacht marina site in Fort Lauderdale is listing the project for sale, and it could fetch up to $12 million.
Listing brokers Bradley Arendt and Michael Lewin
Battle Plan Capital, based in Daphne, Alabama, is also open to bringing in partners on the development, listing broker Bradley Arendt told The Real Deal.
The nearly 6-acre site is approved for 26 boat slips ranging in size from 120 feet by 35 feet to 170 feet by 40 feet. Battle Plan, led by Nathan Cox, launched sales for the project in early 2015 with prices ranging from $1.8 million to $3 million and an estimated sellout of about $50 million.
A Battle Plan affiliate bought the nearly 6-acre site for $6 million.
“In the two years since then, they’ve gotten involved in 50 new projects in the Gulf [of Mexico] states on the residential side,” Arendt told TRD.
Arendt told TRD the developer, traditionally a homebuilder, isn’t in a distressed situation but is too busy to focus on it. The boat slips could be rented for $3 to $6 a foot per day, or sold for $1.5 million to $3 million.
He said the land, which is on the market unpriced, could sell for anywhere from $7 million to $12 million. Nearby, the Carlyle Group is expanding and upgrading the Lauderdale Marine Center, a 50-acre property on the south bank of the New River.
“In general, the demand for boating slips in Fort Lauderdale is always high,” Arendt said.
Planned amenities for Harbour Twenty-Six include a clubhouse, swimming pool, security, two-car garages and storage for each unit. While the plans are for 26 slips, the site is entitled to 61 slips of varying sizes.
In Miami, a developer proposed an all-in-one marina on the Miami River, with a pool, clubhouse, tennis court, cold storage and private parking.
Arendt and his colleague Mike Lewin will likely put out a call for offers after the International Boat Show.
“People in the boating world are focused on the boat show. After the boat show, we’ll certainly dive into it,” he said.
Source: The Real Deal