A Win (for Now)!

This is to inform you that on 9/11/19 the City of Miami Commission postponed the voting on the Virginia Key LLC proposal to privatize the Marine Stadium Marina on Virginia Key, Miami Florida. The voting will most likely take place sometime next year. A win for now and we must remain vigilant.

THIS IS GOOD NEWS BECAUSE IT SHOWS THAT WE ARE MAKING A DIFFERENCE IN THIS DEMOCRATIC PROCESS. YOUR LETTERS AND MESSAGES WORKED! THANK YOU FOR GETTING INVOLVED AND HELPING US INFLUENCE THE CITY OFFICIALS.

We will continue to work together with the City of Miami to make our neighborhood marina better.

Commissioners are Voting on the Future of our Neighborhood Marina on Thursday (9/11/19)

Dear Boat Owners in Miami’s Marine Stadium Marina,

IT IS TIME TO STEP UP – THE COMMISSIONERS ARE VOTING ON THE FUTURE OF OUR NEIGHBORHOOD MARINA ON THURSDAY AND WE NEED EVERYONE TO RE-SEND YOUR EMAILS TO THE COMMISSIONERS, THE MAYOR, AND THE CITY MANAGER.Emails Included below.THE MESSAGE SHOULD BE SIMPLE AND DIRECT:WE ARE AGAINST ANY PRIVATIZATION OF OUR NEIGHBORHOOD MARINA, THE MIAMI MARINE STADIUM MARINA. WE WANT TO KEEP OUR MARINA PUBLIC AND ACCESSIBLE TO ALL CITIZENS. WE ALSO WANT TO HAVE ACCESS TO OUR MARINA WITHOUT ANY INTERRUPTIONS DUE TO THE BOAT SHOW OR ANY OTHER EVENT.

WE DO NOT WANT OUR MARINA TURNED INTO A WATERFRONT SHOPPING MALL.WE COUNT ON YOUR LEADERSHIP TO DO THE RIGHT THING FOR THE PEOPLE AND VOTE TO KEEP OUR MARINA PUBLIC.HERE IS THE CONTACT INFORMATION:

City Manager: Emilio T. Gonzalez
Telephone: (305) 416-1025
Email: etgonzalez@miamigov.com

District 1 Commissioner Wifredo (Willy) Gort
Telephone: (305) 250-5430
Email:  wgort@miamigov.com

District 2 Commissioner: Ken Russell
Telephone: 305-250-5333
Email: krussell@miamigov.com

District 3 Commissioner Joe Carollo
Telephone: (305) 250-5380
Email: jcarollo@miamigov.com

District 4 Commissioner Manolo Reyes
Telephone: (305) 250-5420
Email: mreyes@miamigov.com

District 5 Commissioner Keon Hardemon
Telephone: (305) 250-5390
Email: KHardemon@miamigov.com

IF YOU DO NOT WRITE, THE CITY WILL PRIVATIZE THE MANAGEMENT OF THE MARINA SOON AND YOU WILL PAY A LOT MORE THAN WHAT YOU PAY TODAY – RATES WILL GO UP DRASTICALLY…DO NOT COMPLAIN LATER, ACT NOW.  THE MEETING IS THIS THURSDAY AND IT TAKES JUST A FEW MINUTES TO WRITE.ALSO, IF ANYONE WANTS TO ATTEND THIS VOTING PLEASE DO SO AND GO TO THE CITY HALL MEETING ON SEPT 12TH.THAT WILL HELP A LOT.

Save Marine Stadium Marina Coalition———————
We are the Marine Stadium Marina Coalition working to save Marine Stadium Marina located on Virginia Key in Miami. The coalition is made up of Miami residents who use Marine Stadium Marina for boating activities with friends and family on Miami’s beautiful bay waters.

The marina is the last remaining affordable public city marina in the area. Private for profit private interests are working to privatize the management of our public managed Stadium Marina which is expected to drastically increase costs, thus pricing most middle class families out of the marina and boating access to our Miami bays and oceans.
Visit http://www.saveourmarina.org to take action to save your marina.

South Florida Remains a Prime Target for Marina Acquisitions because of Demand for Larger Yachts, as Well as Year-round Boating.

https://www.tradeonlytoday.com/post-type-feature/long-and-winding-road

It took three years and thousands of attorney hours for Suntex to get final approval for the $35 million redevelopment of Las Olas Marina.

Suntex is the primary investor/developer behind the Virginia Key LLC proposal which plans to privatize Marine Stadium Marina on Virginia Key / Key Biscayne Florida. Marine Stadium Marina is a neighborhood marina owned and run by the City of Miami for its residents. It is one of the last remaining affordable marinas to offer marina services to Miami’s middle class, which allows families access to Miami’s beautiful bay and ocean waters.

The Marine Stadium Marina Coalition working to save Marine Stadium Marina from such a takeover in order to preserve existing affordable marina access in Miami.

Flush with Private-equity Money, these Companies Show no Signs of Slowing Down.

https://www.tradeonlytoday.com/columns-blogs/reinventing-the-marina-world

The sector’s two largest players, Safe Harbor and Suntex, weren’t even around six years ago. Now the two are making regular headlines with $10-plus-million acquisitions of marquee marinas and boatyards.

What were once local neighborhood marinas are becoming part of an international investment fund where city governments and local residents begin to lose control of their scarce and valuable waterfronts.

Flush with private-equity money, marina consolidations to build a global investment fund show no signs of slowing down. 

As of this writing Suntex has 45 facilities. And counting.

Marinas are Attracting Investors Who See Earnings Potential

https://www.tradeonlytoday.com/post-type-feature/hot-commodities

Investors began noticing marinas after the Internal Revenue Service decided in 2013 that slips leased to boat owners constitute real estate assets.

REITs have special tax status under federal income law and were created to promote widely held investment in real estate portfolios. Equity REITs invest in and own properties. Revenues come from leasing space — in this case, slips and dry storage — and are distributed as dividends to shareholders.

Suntex Marinas Taps Goldman to Explore Strategic Options

https://www.bloomberg.com/news/articles/2019-04-24/suntex-marinas-said-to-tap-goldman-to-explore-strategic-options

The Dallas-based company is seeking funds to fuel growth but may also consider selling itself, a transaction that could be close to $1 billion, said some of the people, who asked not to be named because the matter is private. Representatives for Suntex and Goldman Sachs declined to comment.

Suntex is the primary investor behind the proposed privatization of the Marine Stadium Marina. The privatization is expected to increase costs for Miami residents and limit affordable access to Miami’s oceans and bays. Suntex is working to privatize the City of Miami managed marina, called Marine Stadium Marina in Virginia Key, Miami Florida. The privatization venture is being called Virginia Key LLC.

“We see Suntex as the Primary Consolidator in the Industry”

https://www.tradeonlytoday.com/industry-news/suntex-marina-investors-gets-backing-for-new-acquisitions

Suntex said the combination of equity commitments and third-party debt financing will provide it with more than $500 million of buying power to acquire domestic marinas.

Consolidation of marinas is showing us that expenses for boat owners rise since marinas can increases feels on boaters due to limited marina options from lack of competition.