01/08/09

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Aweigh to own yachts

A rendering shows yachts awaiting use at the planned Island Gardens project.

People have many reasons to live in South Florida, but foremost among them has to be the ocean. Gazing upon the turquoise waters of Biscayne Bay or the Atlantic, while experiencing the warm climate, conjures up thoughts of relaxing on the deck of your luxury yacht, sharing quality time with friends and family.

Developers know this as well, and many have added marinas to their waterfront properties. The image of waterfront real estate and luxury yachts is the embodiment of the quintessential South Florida lifestyle.

But not all developers perceive the waterfront in the same way. Some see it as a destination; others use the yacht club as ambiance for residents who view it as an amenity. Either way, the attraction to the water is real, as the different paths taken by two developers show.

The 99 slips at the Williams Island Marina in Aventura would seem to be reason enough to purchase one of the 2,000 or so condominiums on Williams Island. However, the facts contradict that assumption, developers say. Only 3 percent of residents keep boats at the marina.

"I was flabbergasted by that," said Williams Island Marina owner H. Scott Huizenga. "The truth is, people like to be around boats, they like the ambiance. It's the same in golf course communities; not everyone who lives on the fairways plays the game."

Slips are routinely offered to residents, but are available for any member of the Williams Island Club. A significant number of Williams Island residents are second-home owners and part-time residents, but the marina is about 85 percent occupied. Many boat owners live in neighboring Aventura condominium communities and have joined the Williams Island Club to gain access to slip space at the marina.

The majority of the boats at the marina are seasonal; they arrive in October or November and stay for about five or six months. The marina offers temporary membership to the club and has covered the pro-rated membership fees for transient yacht owners.

Amenities and attractions at the Williams Island Marina include restaurants, a pool and spa and tennis courts. Of course, the yachts are the center of attention.

Further south, a new development is taking a different approach, offering buyers fractional ownership of both the home and the yacht as a single package.

Magnificent yachts will be the prime attraction at the Residences at Island Gardens, to be built on Watson Island in Miami. Groundbreaking is scheduled to take place later this year and completion is slated for 2010.

Located atop the Shangri-La Hotel overlooking a harbor designed to accommodate mega-yachts, the 100 residences will be sold on a fractional interest basis and will also include fractional ownership of a yacht.

"We expect the owners at Island Gardens to take advantage of the yacht ownership," said Mehmet Bayraktar, chairman and CEO of Flagstone Property Group and developer of the project. "The response has been great.

For a fraction of the cost of ownership, they buy into a lifestyle most people never get to live."

The 50-slip, deep-water harbor is designed to accommodate yachts up to 300 feet in length and is the only one in the nation built to those specifications. Bayraktar envisions the atmosphere at the marina to be similar to St. Tropez in the south of France or Portofino on the Italian Riviera, with shops and restaurants on the waterfront.

The marina, which will be open to the public, will attract people who want to take part in the yachting lifestyle without owning a vessel. A portion of the marina will be available so day-trippers can also enjoy the ambiance.

"The marina will be a spectacle for people, not only an amenity for owners," Bayraktar explained. "The waterfront promenade will be a lively environment."

For owners, the marina will be where they board their yacht for outings.

Island Gardens will keep approximately eight to 12 yachts, ranging in size from 65 to 75 feet, available for owners. All expenses — with the exception of food and fuel — are included in the ownership. The sleek, contemporary, European-style yachts come complete with a captain and crew.

The units, including the yachts, are sold in one-eighth fractions and the option of owning multiple fractions is available. The size of the residence determines the amount of time the yacht is available to the owner, with larger units commanding more time on the water. Owners can take the yacht to the Bahamas for a few days or use it for a day at a time. That flexibility could become an attractive amenity.

Fractional ownership of yachts along with residences is a new concept in Miami, according to Bayraktar. Owners are buying into a high-end lifestyle without the responsibility of maintaining a second home. Located on the upper floors of the Shangri-La Hotel, all the luxurious amenities offered at the hotel are available to unit owners.

"The concept is to allow people to come and enjoy their time here," noted Bayraktar. "Financially, you pay for what you use. There are no worries."

Whether one wants to be on the water or just stare at it, the options for enjoying the yachting and boating lifestyle are expanding in South Florida.