POMPANO BEACH, Fla. – Aqua Marine Partners, an integrated marina investment company based in Aventura, Fla., has purchased the 6.7-acre site of the former Hidden Harbour Marina in Pompano Beach, Fla., Aqua Marine said in a release yesterday.
The seller was Hidden Harbour Properties LLP, a privately held corporation controlled by Huizenga Holdings.
All fill and dredge work has been completed at the location and a building permit has been issued for a 310-boat dry stack marina. Aqua Marine Partners plans on constructing a luxurious facility that will be capable of withstanding up to 140 mile per hour hurricane-force winds. It will include a convenient ship store on site. The racks have been designed to hold boats from 31 feet to 41 feet in length overall.
The new marina will be the fifth in AMP’s growing portfolio of marinas.
The Hidden Harbour marina complex also includes an operating boat yard and a retail boat dealership operated by Luxury Marine Group. In addition, Aqua Marine Partners is working with the City of Pompano to incorporate additional retail and office tenants.
“This is a very strategic acquisition for us,” said Andrew Sturner, founder and CEO of Aqua Marine Partners. “The amount of dock space in North Broward has dwindled significantly over the years and we believe there will be a lot of demand for a state-of-the art storage facility that is designed specifically to keep boats safe during severe storms.”
Leasing for Aqua Marina Hidden Harbour has already begun. Construction of the marina is scheduled to begin in March of this year with completion expected by summer of 2009.
Equity financing for the project came from Aqua Marine Partners’ own investment fund as well as Harrison Street Real Estate Capital, a Chicago-based real estate private equity firm. Terms of the deal were not disclosed.
In addition to Hidden Harbour, Aqua Marine Partners already has two projects underway in South Florida. It’s developing Vertical Yacht Club Marina Mile in Ft. Lauderdale, a dry-stack marina for mega yachts up to 90 feet, and is also redeveloping the historic Hi-Lift Marina in Aventura, called Vertical Yacht Club Thunder Alley.
Aqua Marine Partners is developing a series of Vertical Yacht Clubs throughout the U.S. and abroad under the “Vertical Yacht Club” brand.
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