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 "Dockominium" & Equity Club Conversion Consulting At one time, this was perhaps, the single most active category for us. Not only on a consulting basis, but because these are business models we have used effectively in projects where we felt they would be the most effective. There are a couple of schools of thought, but we are firm in our belief that when structured and executed properly for the right reasons - the dockominium or club business model or derivative hybrid is the salvation of the recreational marina industry and provides "hands-down", the most effective and cost efficient way to preserve the public's access to the water. We are not your typical waterfront consultant or developer. This type of development strategy is designed to PRESERVE marina property, marine services and the public's access to the waterfront in perpetuity. Once the "wet or dry slips" in a marina are converted to dockominium, rackominium or similar individual ownership, those slips are forever under the control of the individual owners and the association they become a part of. This means it would be extremely difficult, if not close to impossible for a developer or other concern to come in at a later date and buy out each individual owner to redevelop the property for another purpose. The first thing that most residential or resort developers do when they purchase a full service marina or boat yard is they close the service department and sell the big blue Travelift because of the liabilities it presents. Servicing of boats is not typically an attractive proposition for persons interested in building hotels or luxury residences. |
The average boater can't afford a $1 million dollar condo, so not only is he forced out of the marina, but the repair and maintenance services he depends on are gone too. The loss of adequate service facilities is severe in many areas. It is not uncommon to find boaters who have had to travel more than 50 nautical miles to have their vessels serviced. We think this is a tragedy…..without the boating industry; there would be a pretty grim economy in Florida and many other states as well. Our goal is to improve the amenities and services a marina provides. We strive to make it a better facility with more to offer the community - making it a place people will be proud to own and/or support. We realize that not everyone is ready or able to purchase a boat slip, so what good does it do these people to convert a marina slips to private ownership? Well, the fact is, that while slip ownership is a very attractive proposition for many boaters, it's also very attractive to many investors who do not own boats. Typically, 30-40% of the available slips in a converted marina are sold to investors and they are counting on people who will want to continue leasing their slips. With this type of strategy, there is very little change in how a marina operates - most of the same faces remain, but different persons will have ownership of the slips. The biggest difference is that the newly redeveloped marina with additional amenities and improved services will be a much better place to be. Its value to owners, renters and the community at large, will continue to increase year after year. |
