50-Year Lease With MarineMax Approved For St. Pete-Clearwater Airport

CLEARWATER, FL — The Pinellas County Board of County Commissioners on Tuesday approved a 50-year ground lease agreement of 9.5 acres of St. Pete-Clearwater International Airport property to MarineMax Inc., a move that is anticipated to help create hundreds of new jobs, boost economic development and inject millions into the local economy as the site is developed.

The county issued a Request for Negotiations last year to identify economic development possibilities for the land. MarineMax Inc. provided the sole proposal.

Headquartered in Clearwater, MarineMax is the world’s largest recreational boat and yacht retailer with more than 125 locations worldwide.

MarineMax has partnered with local companies Intrepid Powerboats and Wannemacher Jensen Architects for this project.

The $38 million facility for MarineMax Inc. and its company, Largo-based Intrepid Powerboats, will allow the companies to manufacture larger yachts.

The conceptual plan for the site includes a 132,000-square-foot manufacturing building, a parking garage for 400 vehicles, a travel lift well for hauling and launching yachts and waterside docking facilities for mooring yachts.

Phase One of the improvements is expected to be completed by the company's third year of occupancy. It is expected to employ 280 trades workers, 20 administrative support staff and 315 temporary construction-related jobs. The new manufacturing jobs are consistent with Pinellas County Economic Development’s strategy of expanding and recruiting companies for Pinellas’ advanced manufacturing industry sector.

The new agreement establishes a rate of 60 cents per square foot and allows for payment in monthly installments on a scaled approach for the first 36 months based on an annual revenue amount of $248,987.40. The scaled payment schedule is based on the time it will take the vendor to develop the property.

After the five-year initial rate, the annual rent will be increased based on the Consumer Price Index. Months 0 to 12 there will be no annual rent, months 13 to 24 will be 25 percent of the annual payment ($62,246.85), months 24 to 36 will be 75 percent of the annual payment ($186,740.55) and months 37 and beyond 100 percent of the annual payment ($248,987.40).

St. Pete-Clearwater International Airport is an enterprise department of Pinellas County, operating as a self-supporting funded department.

“We are very pleased to bring this economic development opportunity forward with one of the few undeveloped parcels of waterfront land in Pinellas County, Airport Director Tom Jewsbury said. "The MarineMax project is a job creator for both construction and manufacturing and the 50-year lease provides a new significant source of revenue for the airport. We look forward to the development of this property and the economic returns it brings to Pinellas County.”

The property, located 900 front east of the Bayside Bridge, north of Roosevelt Boulevard and west of PIE’s airfield, was originally developed in the mid 1970s as a restaurant and banquet facility by Specialty Restaurants. Over time, the business closed and was subleased to another establishment, The Turtle Club. The Turtle Club eventually closed, and the county terminated the lease and demolished the structure.

Year Of Strategic Investments

In a year filled with bold financial moves and strategic investments for the megayacht manufacturer, MarineMax also announced two new acquisitions by the company this month.

The company announced that it has entered into a definitive agreement to acquire the remaining 75 percent interest in Boatzon. The closing is expected in the company’s fiscal second quarter ending March 31.

Boatzon is the first 100 percent online boat and marine retailer. Since making its initial investment in Boatzon in December 2021, MarineMax has been partnering with the Boatzon team to grow its products and expand services for both customers and marine dealers.

As the partnership and Boatzon business have grown, the two companies are now teaming up to accelerate growth with the formation of New Wave Innovations.

Boatzon will continue operate as an independent company managed by co-founders Bryan Lenett, Michael Muchnic and their team.

“Aligning our passion for boating with entrepreneurship and technology growth opportunities will advance our company’s strategic growth," said Shawn Berg, chief digital 0fficer of MarineMax and president of New Wave Innovations. "We look forward to Bryan, Michael and the entire Boatzon team joining the MarineMax family. The formation of New Wave Innovations is an incredible opportunity for MarineMax to partner with entrepreneurial technology companies seeking the resources and expertise to accelerate the growth of their businesses.”

“Innovation and technology have been at the forefront of our strategy to build an integrated company that is a leader in marine products, services and experiences," W. Brett McGill, chief executive officer and president of MarineMax, said. "We are excited about our ability to selectively invest in and grow businesses such as Boatyard, offering boating broadcast and on-demand boat services, and Boatzon. New Wave Innovations provides us with an exclusive technology growth engine to build on that success.”

Additionally, MarineMax announced that it has acquired marina construction firm, Midcoast Marine Group LLC along with the company's 1.5 acres of waterfront on the Anclote River in Tarpon Springs with deep-water access for storing larger vessels.

McGill said acquiring the marina construction company will allow MarineMax to save money by constructing its own marinas as well as provide projects such as floating docks, boardwalks and piers to other marinas.

“Adding Midcoast Marine Group to the MarineMax family gives us the team and assets to cost-effectively manage our marina construction needs and market these services to third parties,” McGill said in a statement. “We continue to successfully execute on our strategy to acquire well-managed, high-performing, and complementary businesses.”

Additionally, in August, MarineMax announced the addition of IGY Marinas to its portfolio as part of the company's move to dominate the "superyacht" industry. In 2019, the company acquired the luxury yacht company, Fraser Yachts, and last year global yacht manufacturer Northrop & Johnson.

IGY brings with it two dozen marinas around the world as well as a cadre of superyacht owners seeking high-scale concierge services. McGill said the IGY Marinas acquisition will give MarineMax access to luxury marinas in the Mediterranean and Caribbean.

With regulatory approval, the acquisition of IGY Marinas is expected to close early next year.

MarineMax now includes 78 retail new and used recreational boat and yacht dealerships and 57 marinas.

Its acquisition of Northrop & Johnson and Fraser Yachts makes it the largest superyacht services provider in the world.

And through its companies, Cruisers Yachts and Intrepid Powerboats, it's cornered the market on the manufacture of luxury yachts, custom pleasure crafts and powerboats.