FLAMINGO MARINA PROJECT
The marina master plan has been incorporated under Desarrollo de Marinas Matapalo DEMM S.A. , a Costa Rican subsidiary of Miami-based RodBlu Investments. RodBlu’s President Carlos J. Rodriguez has a long history in and commitment to the Flamingo Beach area. He is native to Costa Rica and held several high-level government posts here in the 1990s. In 2000, Rodriguez bought out Aurola Hotels' interest in the Flamingo Beach Resort and currently manages it through the hotel firm in which he serves as Executive Vice President and Partner, Driftwood Hospitality Management. The flamingo marina council vote and the bid was developed in collaboration with Donald Brooks, a well-known local real estate developer who played a significant part in developing Flamingo Beach as a tourism destination in the 1980s.
The marina design and construction administration has been contracted to Bermello Ajamil & Partners, Inc., a firm renowned for its planning, design, architectural and engineering services for maritime projects. Over the years, Bermello Ajamil has built several award winning cruise port facilities and marinas in various international locations. Their project portfolio includes the New York City Cruise Terminals, the Disney Castaway Cay in Florida and ‘The World’ in Dubai, UAE.
While the design includes slips for mega-yachts, which sell for a premium worldwide, a higher proportion of sport fishers and medium-sized cruisers are expected to comprise the customer base, so the plan provides for a higher proportion of slips that are between 30’ to 60’. The initial plan is to sell about 75% of the wet slips and 75% of dry storage racks as dockominiums and rackominiums. The remaining 25% will be available for lease from year five onwards. Sales efforts for the marina slips will be started in the current year. A cruise ship pier targeting small, luxury cruise lines will be constructed as part of the final phase Management of the Marina will be undertaken as a joint venture with a world-class leader in marina operations such as Island Global Yachting.
Amenities provided at the Flamingo marina will include satellite communications and WIFI internet access, high-capacity and reliable shore power, protection from wind/wave/current influences, provisioning and chandlery services, exclusive yacht club facilities, a waterside recreation area with pool and patio, and full-service security. By segregating access points, the marina will compartmentalize its amenities to cater to the specific needs of different types of boaters including residential users, tourists, yacht owners and fishing or charter boat operators. However, the total effect will be that of a Marina Village "lifestyle center" similar to port towns along the Mediterranean such as Portofino (Italy), Puerto Banus (Spain), Palma de Mallorca, etc.
Construction and operation of the marina will adhere strictly to state-of-art "green" design concepts and environmental standards. Special attention will be given to reviving and conserving Flamingo's delicate mangrove ecosystem. Application for the internationally recognized Blue Flag Marina designation from the Foundation for Environmental Education will be pursued, to complement the Flamingo Beach community's current commitment to maintaining its Blue Flag Beach designation.
The anticipated construction time for the marina is four years. By the end of the second year of construction, there will be approximately 30 acres of land associated with the marina, offering spectacular views of the ocean and surrounding hills, including a sizable portion of direct oceanfront land. We anticipate selling the land surrounding the marina for the following uses:
Hotel
Approximately 4 acres (16,188 m2) will be targeted for the construction of a 200-key, five-star luxury hotel with ample meeting and banquet facilities, food & beverage outlets and a casino operation.
Retail
About 14 acres (56,657 m2) will be parceled for development of retail space. The master plan calls for the creation of a Marina Village "lifestyle center" that would include venues specifically needed by boaters such as grocery shops and marine supplies; high-end retail shopping outlets for tourists and cruise ship passengers, a variety of restaurants and nightclubs and possibly even a movie theater for entertainment. The Village will also offer boat rentals and charters for fishing, snorkeling and diving and host sportfishing tournaments, thus boosting demand for slips and hotel rooms. There is also the possibility of developing residential units above the retail space if sufficient demand exists.
Residential
(a) Townhomes - We anticipate development of 45 townhomes with attached marina slips. Townhomes with attached marina slips have not been previously available in Costa Rica and are anticipated to attract strong demand from affluent homebuyers.
(b) Condominiums – Approximately 10.59 acres (42,857 m2) is earmarked for the development of residential condominiums. The site is large enough to offer residents ample green areas and amenities.
Business/ Office
We anticipate selling about 4 acres (16,188 m2) a for the construction of office or business space for sale. There is a rising demand for office space in Flamingo Beach and surrounding areas, especially from service providers who currently need to rent and adapt residential spaces for office use.
Real estate investors in the area are eagerly anticipating that the re-opening of the Flamingo Marina will spark the same kind of development boom that occurred after the opening of the Marriott Los Suenos Marina in Herradura Bay, near Jaco Beach in the Central Pacific region. There, new residential units and corresponding commercial development, including restaurants and fast-food chains, supermarkets, specialty stores and boutique retail outlets, have been absorbed as quickly as they can be built.
The concession period is for 20 years, after which it is renewable every 5 years indefinitely. The development is expected to be completed over four years starting in 2008.
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