Is My Marina a Good Candidate for Redevelopment?

Marina owners looking to redevelop their facility tend to fall into one or more of the following three categories:

• Their facility is weathered, damaged, or dilapidated
• They want or need to increase storage capacity
• They’re searching for new revenue streams at their current facility

Typically, these are three indicators that a marina redevelopment project is warranted.

Read below to get a more in-depth description of each of these challenges, and see how redevelopment can solve them.

Candidate #1: Weathered, damaged, or dilapidated facility

A damaged or unsightly marina facility can drive customers away and hinder daily operations. In some cases, boats or equipment stored at the facility can be exposed to water or sun damage and theft. Whether a marina has fallen to shambles or needs some moderate structural or aesthetic updates, smart redevelopment can restore the facility to its former glory without hindering previous functionality.

Candidate #2: Desire to increase storage capacity

Some marina owners have a structurally sound, well-functioning facility, but they don’t have enough capacity to meet local demand. Marinas constantly at full capacity, or those limited to storing smaller boats, are ideal candidates for redevelopment.

Whether additional capacity is achieved through reorganizing the layout of the marina or by building out an expansion, a more effective use of space creates the opportunity for increased revenue from slip rentals and a wider customer base.

Candidate #3: Searching for new revenue streams

One of the less obvious reasons someone might be interested in redeveloping their marina is the potential for secondary revenue streams. Take a look around a coastal marina. See all the restaurants, bars, stores, hotels, and condos?

Redevelopment with the goal of integrating one of these attractions into the existing facility is another option for marina owners who are looking to increase revenue and diversify their customer base. Marina owners who have the budget and footprint to expand their facility into a mixed-use development will benefit from multiple revenue streams and a facility that appeals to a more diverse array of patrons.

This benefit compounds on itself. By turning a marina property into a multi-faceted destination, overall activity and interest in the area will increase. That can drive up land values and rental rates, putting your marina in an even stronger financial position.

Want to talk to a Marina Redevelopment Expert?

Solve capacity issues, increase revenue, and turn your marina into a more profitable, more appealing destination. Learn more about the possible solutions for your marina development or redevelopment project – contact us today