NORTH KINGSTOWN – The Quonset Development Corporation has given its preliminary approval to a 43-acre megayacht construction and repair facility proposed by Fort Lauderdale, Fla.-based Island Global Yachting.
The company – a developer and operator of luxury marinas in the Caribbean and the Middle East under the Island Global Yachting and Yacht Haven Grande brands – is seeking to build a shipyard on 43 acres in the Quonset Business Park just south of the Davisville piers.
“With its combination of deepwater access, unobstructed bulkhead, and secure port facilities,” the QDC noted, “it is one of the few sites that can accommodate the largest yachts under construction and use today.”
The project – the total cost of which is estimated by the QDC at $120 million to $150 million – would include a shipyard, repair facilities and a separate space for yacht sales and storage, and would have lifts capable of hauling out vessels weighing as much as 2,500 tons.
The developer and the QDC also “will be evaluating the opportunity to establish and further utilize the site for an educational facility and marine trades training program,” the QDC said.
A memorandum of understanding with the company was approved by the QDC at its meeting Monday night.
“The project represents a major initiative in the Davisville Waterfront District that will expand Narragansett Bay’s capabilities for docking, hauling, refitting and servicing large yachts and will enhance and expand Rhode Island’s globally competitive marine industry,” the QDC said in a statement.
The company is planning a 500,000-square-foot facility that “would employ between 390 and 450 highly skilled workers” earning an average salary of $50,000, the QDC said.
“The jobs will enhance and expand the state’s tradition of marine trades,” QDC spokeswoman Dyana Koelsch said in an e-mail interview. “This was an important factor in the QDC decision to move forward with this project.”
Island Global also is seeking to acquire and develop an adjacent 32-acre parcel, owned by the R.I. Airport Corporation – for an additional total investment of about $75 million – to ensure easy access for boaters and equipment to the Quonset state airport.
The projects would require design and regulatory approvals by the QDC and RIAC, respectively, and by a number of other state and federal agencies.
“We are working on a huge pipeline of opportunities for 2008 and beyond,” IGY President Charles Garner said in a statement yesterday.
“Already, 2007 has truly been an unprecedented year for IGY,” said CEO Andrew L. Farkas. “Since January, we have announced the acquisition of five new marinas and mega projects … and contracted to buy two additional key Caribbean marinas … With 15 world-class marina locations under ownership or management and more than $400 million of equity, IGY expects to accelerate its growth over the coming year.”
Island Global Yachting was founded in 2005 by Andrew L. Farkas’ Island Capital Group LLC, a New York real estate merchant banking firm. Based in Fort Lauderdale, Fla., IGY also has offices in New York City; St. Thomas, in the U.S. Virgin Islands; and Dubai. To learn more, visit www.islandglobalyachting.com.
The Quonset Development Corporation, a special purpose subsidiary of the R.I. Economic Development Corporation, is a quasi-public company responsible for the development and management of the 3,000-plus acre Quonset Business Park in North Kingstown. Additional information is available at quonsetpointri.com.
