Southern Marinas Buys Stock Island Yacht Club & MarinaPublished on February 2, 2024
Southern Marinas, a premier owner and operator of marinas across the nation, has purchased Stock Island Yacht Club & Marina in Key West, Florida, from SH Marinas 6000, LLC, an affiliate of Spottswood Companies, Inc. The sale of the marina will allow the seller to continue with its plans to develop a five-star resort and vacation rental on the retained upland portion of the property.
The marina will continue to serve as a focal point of the overall resort and, to ensure harmonious and integrated development and operation of the overall resort, Spottswood Companies has agreed to partner with Southern Marinas on the marina acquisition.
Matt Putnam, Andrew Cantor and Dan Grovatt of Colliers Leisure Property Advisors represented the seller in the transaction.
Stock Island Yacht Club & Marina is located at 6000 Peninsular Avenue in Key West. It is a full-service marina in the lower Keys with 100 wet slips that have immediate ocean access, and more than 200 dry slips for boats up to 50+ feet. Currently, amenities include a waterfront pool, private beach, fitness center and sauna, and restaurant, called Jack’s Poolside Bar.
The marina has three waterfront villa units available for rent. The land has been approved for 148 hotel and transient townhome units that are intended to be developed by Spottswood Companies and its partners, including Brightwild, the Spottswood-affiliated vacation rental platform. The Spottswood family, a seventh-generation Key West family, worked with the Monroe County Planning Commission to rezone the marina from mixed commercial use to a destination resort. Plans were approved prior to listing the marina for sale.
Colliers also assisted the parties in working through obstacles related to the separation of the retained uplands portion of the property from the operating marina components, ensuring a smooth transaction.
Spottswood Companies plans to break ground on the resort late this year.