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The latest wave of luxury resorts comes with places to park the megayacht.

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Aerial view of yachts in a harbor.

Jeffrey Binder is building a $40 million megayacht, and although it won’t hit the water until 2010, he’s already worried about parking.

“When you come into a port of call, it is difficult to find berthing for extended periods of time,” says Binder, chief executive of Fearless Yachts, a Miami Beach-based marketer of high-end speedboats. “When you do, you also want some place where you can walk off your boat and have the amenities you want.”

A surge in purchases of megayachts is having a ripple effect on marinas around the globe. There simply aren’t enough berths to accommodate supersize vessels like Binder’s upcoming 150-foot boat, let alone hulking vessels like Oracle C.E.O. Larry Ellison’s German-made, 452-foot Rising Sun, which is as long as one and a half football fields.

Resort developers, many of them yachting enthusiasts themselves, are jumping in to address the puny-port problem with a wave of projects targeted to owners of megayachts—typically defined as boats 80 feet or longer—and their millionaire and billionaire lifestyles.

Resorts with mega-marinas are in the works from Ensenada in Baja California, Mexico, down to the  Caribbean, and up to Portsmouth, Rhode Island. Despite turbulence in the real estate market, these projects are moving full steam ahead on the belief that if you can afford a megayacht, you can weather dips in the market.

One of the most ambitious projects, Island Gardens, is a $575 million resort slated to break ground this fall in Miami. Plans for the resort, which is being developed by Flagstone Property Group, call for a deepwater marina with 50 berths specifically designed for megayachts. The property will also include a Shangri-La hotel, a hundred “spacious and luxurious” fractional residences (an eighth of a share costs up to $800,000), a spa, boutiques, restaurants, and a waterfront promenade.

It’s yet another reflection of the extraordinary accumulation of wealth—and accompanying spending on toys—over the last several years. Megayachting is hot, and orders are flooding in. Some 799 of the vessels are in the pipeline this year, up from 482 in 2003, according to the 2006-2007 Global Build Report from Yachts International magazine.

Yachts are also getting bigger. The smallest among the world’s 40-largest yachts is 204 feet, up from 193 feet a year ago, the report says.

And the dearth of big berths is acute. “Marinas have not kept pace with the size of yachts that are being produced,” says David Reams, fleet manager for Camper & Nicholsons International, a yacht management company. “Many yacht owners are retired or able to work their business around their vacation time, so they frequently want to go places on the spur of the moment. That is getting almost impossible to do because there is no place to put the boat.”

Price is not a concern when it comes to finding parking, Reams says. Fees range up to $7 per linear foot per day, and are rising. One megayacht owner who docked at a marina in the Bahamas on the Fourth of July a few summers ago spent $20,000 on berthing, catering, babysitting, and hotel rooms, he says.

One of the first developers to see opportunity in the megayacht universe was Andrew Farkas, former chairman of Insignia Financial Group, a global real estate services firm. He has created a company called Island Global Yachting to design, develop, acquire, and manage megayacht and other top-class marina facilities around the world, including in Dubai.

His first ground-up project is a $200 million resort in St. Thomas  called Yacht Haven Grande that he’s billing as a “new luxury-lifestyle destination concept.” It has a 50-slip megayacht marina for boats up to 450 feet, 24-hour security, and services like in-slip fueling and wastewater pumping. The marina has been accepting yachts since November. Rising Sun has already docked there.

“I’ve been a victim of the no-room-at-the-inn syndrome many times,” says Farkas, who has owned two megayachts, including Kaori, a 125-foot schooner named after his favorite sake, and has chartered several others. “When you could get the space, the services were just not there. There was inadequate power and water, you couldn’t get fuel, you couldn’t get provisions, and there was no concierge service.”

Yacht Haven Grande will also have a dozen $2 million residences, a boutique hotel, a private yacht club, and office space for those who may want to take a break from their leisure pursuits.

Sean Hennessey, C.E.O. of Lodging Advisors, a New York hotel consultancy, says these new resorts have a lot of promise.

“It’s sort of become a fact of life that the number of wealthy people is growing faster than the number of luxury hotels. They are running out of options to satisfy their urges or their spending capacity,” he says. “The marina is a very attractive selling point.”

Binder, the speedboat entrepreneur, is already considering buying a time-share at Island Gardens. “When I dock my yacht there, I’ll have a place to stay and entertain people off the yacht too.”


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