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Palm Beach reports huge economic boost after $40M marina revamp

24 August 2022• Written by Laura Nicholls for Palm Beach Marina

In the midst of global inflation and other economic challenges, can a superyacht dock really have a positive impact on a municipality? For Palm Beach, the town centre’s first-class marina is doing exactly that.

Originally known as the Town Docks, the newly rechristened Palm Beach Marina has spent the last year welcoming the world’s finest superyachts into its revamped facilities. A $40 million, two-year-long renovation project kicked off in 2019 and saw the transformation of the 84-berth marina into a state-of-the-art yachting destination that serves both the visiting superyacht clientele and the local community. As seen in many superyacht hotspots across the world, a first-class marina can be a great economic driver as shipowners and crew members spend money in the local area, often for long periods of time.

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This fiscal year, Palm Beach Marina has been projected to earn a total lease revenue of around $10.7 million. With annual operating expenses under $2.4 million, the large net profit is heading directly into the Palm Beach Marina's general funds that supports a range of municipal services.

With just a few transient slips still available, the lure to the award-winning Palm Beach Marina has already reached many international superyacht owners and charterers. These visitors have benefited from the marina’s synergistic relationship with the municipality’s businesses and facilities, such as the nearby Mandel Recreation Center, Olympic-worthy Phipps Ocean Park Tennis Center and the ocean-front Par 3 golf course, where slip renters from the marina are given complimentary access.

As the guests of the 84 superyacht slips know, a stay in Palm Beach isn’t complete without a meander around the fashionable Worth Avenue. Located just steps away from the Town of Palm Beach Marina, Worth Avenue is populated with designer stores and boutiques and many gourmet restaurants, including the renowned La Goulue. Shopping aside, there are also the city’s historic museums, eclectic wildlife, pristine beaches and lively street art that can keep visitors busy.

However, before falling in love with the town, guests of Palm Beach Marina can enjoy so much just a few steps away from the boarding ladder. In keeping with the area’s ethos, style, and quality of life, the marina offers a first-class range of services. Everything from high-speed WiFi, expanded shore power, increased staffing and dock attendants, luggage and trash pick-ups, car parking and ultra-modern security systems can be used by those moored along the marina’s four docks. Plus, superyacht crews and owners can now easily reserve their berth – from 18 to 89 metres in length – via the marina website.

Marina guests visiting Worth Avenue
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Already one of the superyacht hotspots in South Florida, the Palm Beach Marina is one of the few marinas in the world that is so well positioned amongst legendary resorts, exquisite mansions and glamorous landmarks.

For general enquiries about long-term dockage, storage and other services, visit TownofPalmBeachMarina.com. For slip lease information, contact the marina dockmaster, Mike Horn, at dockmaster@townofpalmbeach.com or by calling 561-838-5463

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