Plantation Club Marina
The planned Plantation Club Marina is projected to contain 3,150 linear feet of public docking, which consists of 50 public slips totaling 2,500 linear feet plus 650 linear feet of marginal docking space. Twenty-five slips (50%) will be sold and 25 will be retained by the Project for nightly rental. Boat slips in the Western Caribbean are currently fetching prices of $1,500 to $12,000 per linear foot, with larger slips priced at the higher end of the range. Our financial models use an average sales price of $5,000 per linear foot less a 10% marketing and brokerage rate.
The model further assumes that of the slips that are sold, the owner will occupy 25% of the time and release for rental 75% of the time. An average occupancy level of 65% is assumed for both sold and retained slips. A survey of operating marinas in the Western Caribbean revealed a nightly rental rate ranging from a low of $1.21 per linear foot to a high of $3.15. Our model uses an average nightly rental rate of $2.00 per linear foot.