Safe Harbor Marinas is continuing its efforts to expand superyacht marinas and services outside the usual locations. The company has reportedly inked a deal with the government of Puerto Rico to transform two docks into a marina able to service about six of these larger yachts.
Plans are for the first phase of construction to be up and running by the end of this year, with the second phase completed in late 2025. Overall, Safe Harbor is expected to invest $12 million to $15 million in the project.
The announcement follows other additions to the Safe Harbor network with an eye toward servicing superyachts. About a year ago, Safe Harbor acquired Savannah Yacht Center in Georgia. At the time of that deal, Baxter Underwood, CEO of Safe Harbor Marinas, said: “The world’s largest vessels have historically been forced to cross the Atlantic for certain services. This facility allows us to serve them with excellence here in the United States and inside the Safe Harbor network.”
The new Puerto Rico facility will not be Safe Harbor’s first foray onto the island. In 2021, the company acquired Puerto Del Rey, which is in Fajardo. It’s marketed as the largest marina in the Caribbean, with wet slips for about 1,000 vessels along with dry stacks for another 750.
Superyachts bring a higher level of investment into the communities where they tie up. The new facility in Puerto Rico is expected to generate more than $10 million in economic activity for the island, with Puerto Rico’s Port Authority receiving $200,000 a year in rental fees. Safe Harbor will also share a portion of the gross income and fuel-sale profits.
Strategic Gem
The San Juan Historical Site is part of the National Park Service as well as being a World Heritage Site. Defense of this strategically important site was paramount for the government of Spain, which fortified it for more than 250 years. acreage is substantial, with the site encompassing 75 square acres. The historic walls alone span a distance of 2.7 miles. Visitors to the site typically number more than a million a year, with kids and adults alike eager to explore the tunnels and dungeons. Kite flying is also a favorite family activity in the expanses of green grass. Photo buffs like this site not only for its architecture, but also because it includes the highest points of Old San Juan. The spots where lookouts used to roam are now great for capturing keepsake images.
