Facing the headwinds of post-pandemic restrictions, global inflation, supply chain slowdowns, and other economic challenges, can a newly renovated public superyacht marina have a real-world impact on a municipality's bottom line? While it may not have been a “shore” thing, our upscale “small town” island of Palm Beach, has been counting on it.
Previously known as the "Town Docks," our Palm Beach Marina reopened in late 2021 after an almost two-year, $40 million set of upgrades. The essential optimism in long-term planning paid off almost immediately, despite the pandemic and its lingering reduction in travel. Our 84 slips are over 90% booked, and we have a waitlist for our annual slip holders – and oh “buoy”, we’re pleased!
Our first-year annual and seasonal leases surpassed the budget projections of $8.8 million with revenues generated totaling $9.4 million. In addition, the transient lease revenue is projected to exceed $1 million this fiscal year placing total lease revenue at an estimated $1.7 million. The Town of Palm Beach’s general operating funds has benefitted by holding annual operating expenses to under $2.4 million dollars, leaving a generous net profit to support a full range of municipal services.
Anchored in the heart of the community, the Town jewel (our Marina) serves residents and visitors alike, with a synergistic relationship with other municipal facilities, and businesses, including complimentary limited access to the world-renowned Palm Beach Par 3 golf course, Seaview and Phipps Ocean Park Tennis Center and the Mandel Recreation Center. In turn, the Town of Palm Beach is an amenity for the Marina, attracting and retaining its primarily affluent residents, while appealing to visitors who frequent the Town's restaurants and stores.
Across the world, from Barcelona to the Caribbean, superyacht marinas and their clientele have proven to be economic drivers – from spending by the shipowners and crew members to long-term locating ship crews in homeports. The strategy of investment by the Town of Palm Beach in its own Marina is based on stable analysis that appears to be paying off.
Whether you are a resident or planning a quick getaway, Palm Beach is the “oar-deal” place to revitalize, refresh, and rejuvenate. You can now easily reserve dockage using the online service Dockwa via the Marina website. For slip reservations, visit TownOfPalmBeachMarina.com.