Marinas are becoming the next big draw for luxury real estate, as the global wealthy search for homes to park their ever-larger yachts, according to developers.
With the number of yachts surging since Covid-19, real estate developers and investors are rushing to fill the shortage of boat slips and marina communities. There are now over 6,000 superyachts over 30 meters (98 feet) around the world, and another 200 delivered every year, according to SuperYacht Times.
The growth in the size and number of yachts has created a shortage of yacht slips. And investors are rushing to fill demand. Last year, Blackstone paid $5.6 billion for Safe Harbor Marinas, which then paid $1.5 billion in August for 65 marinas and storage sites purchased from MarineMax. European private equity firms are also on a marina buying spree to fill the shortage in the Mediterranean.
Real estate developers now see marinas as a powerful magnet for ultra-wealthy buyers, especially in South Florida. Billionaire Ken Griffin is building a megayacht marina in Miami with eight megayacht slips, including one for his 308-foot yacht.
The largest and most ambitious is Related Group's $2 billion new marina development in Fort Lauderdale. Slated to break ground next year and open in 2030, the project will include a St. Regis Hotel, condos, a beach club and slips for yachts up to 350 feet long.