(LAKE PARK HARBOR MARINA CONCEPTUAL PLAN)

The Town of Lake Park is proposing entering into a Public-Private Partnership (P3) for the enhancement of the Lake Park Harbor Marina. This partnership will entail a 99-year lease of the property that will result in significant benefits and enhancements to the Town. Because this is a lease, the Lake Park Harbor Marina will remain a public marina owned by the Town of Lake Park.

• The Town’s P3 partner, Forest Development, will not assume the cost or operation of the marina in its current format. The Town remains fully in control. The P3 will be responsible for the additional expenses and share joint operational responsibilities for the expanded marina.

   

• The Town will receive an initial payment of $1,200,000 the first year and then annual lease payments each year after the marina debt ($2,700,000) has been paid. The Town can reinvest these funds, as well as the additional income derived from the businesses that will open as part of the revitalization of the marina, into programmatic and other benefits that serve the community.

   

• The increased revenue to the Town will help to fund new and enhanced municipal services for residents and businesses in Lake Park, not just those who use the marina. The marina’s amenities will be fully open to the public.

   

• Current marina staff will be retained, and additional staff will be hired. Furthermore, new jobs will be created both at the marina and the new associated businesses, such as restaurants, a hotel, and retail establishments. This will be in addition to the jobs created by the adjacent Nautilus 220 project, also helmed by Forest Development, which is already under construction. It has been estimated that approximately 300 direct and indirect jobs will be created by the combined Lake Park Harbor Marina and adjacent Nautilus 220 projects.

   

• Ultimately, the enhanced Lake Park Harbor Marina will become an integral part of a vibrant local destination attraction.
  • It will include a hotel with approximately 200 rooms, meeting and event space, and a restaurant
  • The modernized marina will feature dry boat storage with slips that accommodate vessels up to 38 feet long, captain’s quarters, an event deck, retail and a marina director’s office.
  • Linking the marina to Town parks via a public access boardwalk will help to revitalize the US1 corridor from Silver Beach Road to Park Avenue. The boardwalk will increase pedestrian mobility for residents and visitors to the Town, including access to the Intracoastal Waterway.

Forest Development has worked as a close collaborator with the Town of Lake Park for more than five years beginning with the design of Nautilus 220, the luxury waterfront development that is currently under construction adjacent to the Lake Park Harbor Marina and expected to be completed in late 2024. As a valued community partner, Forest Development has already provided the following support that includes $1,000 per month for the Lake Park Elementary School principal’s discretionary fund and a new golf cart for the school security officer; a total of $33,000 in donations to BRIDGES at Lake Park for various programs; a $5,000 donation to the Lake Park Public Library to enhance the foreign language collection; and a $50,000 contribution to Kelsey Park for upgrades that include the new playground.

As the Town proposes to move forward with this partnership, it should be noted that final approvals for the proposed expansion must be secured from numerous public entities including, but not limited to, the Town of Lake Park Commission, the State of Florida’s Governor and Cabinet, and the Army Corps of Engineers. The terms of the future operational relationship must be presented and approved in public. It is expected that decisions from the controlling governmental entities will be made in 24 to 36 months.

ABOUT NAUTILUS 220

(RENDERING OF NAUTILUS 220)

• Construction started January 2022
• Structure underway
• Completion scheduled for Q4 2024
• Condominiums are 70% sold as of November 1, 2022
• Will include the first Florida restaurant from acclaimed Chef David Burke, a café, retail shops and free public parking

Because Nautilus 220 is directly adjacent to the Lake Park Harbor Marina property, Forest Development has a unique understanding of the importance that the marina and waterfront assets have for the residents of Lake Park. 

(RENDERING OF MARINA ADJACENT TO NAUTILUS 220)

FOREST DEVELOPMENT PRESENTATION (FROM NOVEMBER 16, 2022 COMMISSION MEETING)