Fort Lauderdale developer plans $2 billion marina project

A development team that includes Related Group has begun a $2 billion development at Fort Lauderdale, Fla.’s largest marina, with the aim of creating a “mini-Monaco,” executives said.

According to plans, the new development at Bahia Mar Marina will include a hotel and condominium tower, as well as a beach club, restaurants and retail space.

“Fort Lauderdale, and South Florida in general, has been waiting for a true destination with a Monaco-like feel,” said Nick Perez, president of Related Group’s condominium division. “We also have a deep-water marina, we have restaurants, but we don’t have this five-star resort that’s all-encompassing. So this is kind of what’s missing in the market.”

Miami-based Related Group, headed by billionaire Jorge Perez, is partnering with Tate Capital and Rock Acquisitions on the project. According to plans, the development would span nearly 40 acres of land and water and include multiple apartment towers and a St. Regis hotel with about 200 guest rooms. The hotel will replace the existing DoubleTree Hotel on site.

The development ends years of failed attempts to redevelop Bahia Mar, the expansive yacht marina that helped make Fort Lauderdale the yachting capital of the United States. It is also the site of the Fort Lauderdale International Boat Show. Wednesday.

The Bahia Mar land is owned by the city of Fort Lauderdale and leased to an organization led by developer Jimmy Tate and his family. The real estate development plan by Tates & Locke Acquisitions had been stalled for years by Fort Lauderdale residents and local officials who opposed the massive project. The new plan called for smaller buildings and more public facilities.

In addition to high-rise condominiums and a hotel, the plan calls for 88,000 square feet of waterfront commercial space with restaurants, a boat launch, a coastal public park and a 25-foot-wide pedestrian promenade. The marina will have slips for yachts up to 350 feet.

Perez said 65 percent of Fort Lauderdale International Boat Show visitors are from overseas, primarily Europe and Latin America, so the development will tap into customers from around the world, such as yacht owners and boat enthusiasts. He said it would happen.

“South Florida doesn’t have housing units, hotels, great food and beverage facilities, large yachts, regular yachts, any type of boat that you can literally have in your backyard,” he said.

The project is scheduled to open in late 2029. Douglas Elliman will sell the residences, with condo prices starting at $4.4 million.