Mega Yacht Makeover: Puerto Rico Hooks Big Fish with New $15M Marina
Puerto Rico is going after a piece of the mega yacht pie in a big way. In November, the island’s government inked a deal with Dallas, Texas-headquartered Safe Harbor Marinas, LLC, to build a new marina spanning a little over 16 acres and located in the two docks in Old San Juan that currently dock superyachts. The new facility will dock six yachts at a time, plus offer shore power, water connections, pump-out service, and high-speed internet. Safe Harbor Marinas is expected to invest $12-$15 million in the project. In turn, they will receive a 40-year concession lease agreement from Puerto Rico’s Port Authority, $200,000 in rental fees, share 5% of gross income from the Authority and 5% net profits from fuel sales. The lucrative deal also includes the construction of recreational facilities, retail outlets, a business center, repair services, and a boat supply store. Currently, some 30 megayachts visit Puerto Rico annually. Officials are hoping this new marina project will attract up to 200 a year, generating a multi-million boost in economic activity for the island. The project’s first phase is expected to be in operation by the end of 2024 and the second phase open a year later. This new project will mark the second marina in Puerto Rico for Safe Harbor Marinas. In 2021, the company acquired Marina Puerto del Rey, the largest marina in the Caribbean. shmarinas.com
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