South Florida’s superyacht slip shortage sparks marina boom. Here’s what to know

Billionaires moving to South Florida are bringing yachts that stretch well beyond 100 feet, creating a shortage of dockage that developers and local governments are racing to fill.

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Consequently, hundreds of millions of dollars are being poured into new and expanded marinas across Miami-Dade, Broward and Palm Beach counties.

FULL STORY: Here to park the superyachts? South Florida developers race to build more slips

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Here are key takeaways:

• South Florida is now home to 54 billionaires, according to Forbes rankings, with concentrations in Miami-Dade and Palm Beach counties among the highest in the U.S. And they are taking to the waters in yachts.

• Phil Purcell, president and CEO of the Marine Industries Association of South Florida who owns the Fort Lauderdale International Boat Show, said the wealthy used to come for the season but are now living here year-round, changing demand dramatically.

• Slip prices at Miami-Dade public marinas range from $23 to $40 per foot per month, while high-end superyacht marinas charge $60 to $100 per foot monthly. Florida has 861,000 registered recreational vessels, with 55,200 docked in Miami-Dade.

• The shortage has led some billionaires to take matters into their own hands. Citadel founder Ken Griffin, whose 308-foot yacht Defy ranks among the world’s largest private vessels, has won Miami Beach approval to build a private nine-slip marina on Terminal Island.

• In a major marina redevelopment at the old Miami Seaquarium site, Terra CEO David Martin plans to invest more than $100 million to build a 325-slip marina where nearly 100 slips will be more boats 80 feet and bigger..

This report was produced with the assistance of a proprietary tool powered by artificial intelligence and using our own originally reported, written and published content. It was reviewed and edited by our journalists.

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