Plans to redevelop the site of the Fort Lauderdale have fallen apart, raising questions about the future of the show in Fort Lauderdale, the Sun Sentinel reported.
TRR Bahia Mar LLC, a partnership among Tate Capital, Rok Acquisition, Rialto Capital Management and RCI Marine, announced plans last year to redevelop the Bahia Mar Resort & Marina, site of the show, with new condo towers, additional hotel rooms, increased parking, office space and more.
Now the group has cancelled its plans, telling the paper that the show was making lease demands that were “not even close to being fair and equitable.”
In a statement to the paper, Phil Purcell, executive director of show owner Marine Industries Association of South Florida and Efrem “Skip” Zimbalist III, president of show producer Show Management said, “Our objective is, and always has been, to produce an outstanding annual boat show that is a great asset to South Florida.”
According to the Sun Sentinel, they wanted to reduce the $5 million the show was currently paying. The current agreement runs through 2020.
As part of its requirements for project approval, the city of Fort Lauderdale was requiring that the boat show sign at least a 30-year agreement to stay at Bahia Mar.
According to the show, it contributes $500 million to the local economy, while attracting more than 1,000 exhibitors and 100,000 attendees.