Renderings of plans for a new project at Bahia Mar Marina in Fort Lauderdale, Florida.
Courtesy: ArX Creative
A team of developers that includes Related Group is launching a $2 billion project at the largest marina in Fort Lauderdale, Florida, with the goal of creating a “mini Monaco,” executives said.
The new development at Bahia Mar Marina will include a hotel and condo towers, as well as a beach club, restaurants and retail space, according to plans.
“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 condo division. “We have the deep-water port, we have the restaurants, but we don’t have this five-star resort that encompasses everything. So that’s kind of what the market has been missing.”
Renderings of plans for a new project at Bahia Mar Marina in Fort Lauderdale, Florida.
Courtesy: ArX Creative
Miami-based Related Group, controlled by billionaire Jorge Perez, is working with Tate Capital and Rok Acquisitions on the project. According to plans, the development will span nearly 40 acres of land and water with several condo towers and a St. Regis hotel with approximately 200 guest rooms. The hotel will replace the existing DoubleTree Hotel on the site.
The development caps years of failed efforts to redevelop Bahia Mar, a sprawling marina that helped make Fort Lauderdale the yachting capital of the United States. The Bahia Mar also hosts the Fort Lauderdale International Boat Show, the largest yacht show in the country, which starts Wednesday.
The property in Bahia Mar is owned by the city of Fort Lauderdale and leased to a company led by project developer Jimmy Tate and his family. Plans by Tates and Rok Acquisitions to develop the property were blocked for years by Fort Lauderdale residents and local officials who opposed the large scale of the project. The new plan called for a reduction in the size of the buildings and more public facilities.
Renderings of plans for a new project at Bahia Mar Marina in Fort Lauderdale, Florida.
Courtesy: ArX Creative
In addition to the condo towers and hotel, the plan calls for 88,000 square feet of waterfront commercial space with restaurants, boat docks, a public park along the Intracoastal and a 25-foot-wide pedestrian promenade. The marina has berths for yachts up to 350 feet.
With 65% of Fort Lauderdale International Boat Show attendees coming from overseas, primarily from Europe and Latin America, Perez said the development will appeal to a global clientele of yacht owners and boating enthusiasts.
Renderings of plans for a new project at Bahia Mar Marina in Fort Lauderdale, Florida.
Courtesy: ArX Creative
“There is no facility in South Florida where you can have a condo unit, a hotel, amazing food and drink and your mega yacht or regular yacht, no matter what type of boat you own, literally in your backyard,” he said.
The project is scheduled to open at the end of 2029. Douglas Elliman will market the residences, which will start at $4.4 million for condos.