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Florida developer plans fractional marina - Trade Only Today

Florida developer plans fractional marina

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Charlotte County, Fla., developer Allen Heise, who has built a career developing high-end condo and commercial projects, is focused on building seven storage buildings with racks for 645 boats around a 42,000-square-foot clubhouse in downtown Port Charlotte.

Instead of selling the racks to individual buyers, Heise plans to fractionalize the ownership of the racks and the boats, the Herald-Tribune (Sarasota, Fla.) newspaper reports.

That means every rack will have six owners and those six owners will be entitled to use any boat in the complex.

The way Heise sees it, owning a fractional interest in a marina is a far better investment than owning a boat.

"A boat depreciates the day you buy it," Heise told the newspaper. "But a marina can appreciate in value over time and the shares can be easily transferred to someone else.

"It reduces the cost of boat ownership by about half," he added.

What's more, the boats will be the latest models, rotated out of service every four years, he said.

"We have talked to the people who own Brunswick Corp., which is one of the largest boat makers in the country," Heise said. "They like the idea because they see it as a way to increase access to the water and sell more boats. They said if we're successful, they will help us clone the concept in six more places at once."

If it succeeds in Charlotte County, Heise intends to take the concept to other parts of Florida and beyond.

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