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Yacht Haven Grande St Thomas Finalizes Phase I of Construction

Following its highly-acclaimed opening in March of this year, Yacht Haven Grande St. Thomas continues to enjoy successes as it further proceeds with its development plans.  Considered the most comprehensive advanced marina and upland facility in the world, Yacht Haven Grande is finalizing Phase I of its construction and will immediately continue on into Phase II.  Owned and operated by Island Global Yachting (IGY), one of the world’s premier owners, developers and managers of luxury marinas and yachting lifestyle destinations, the facility is a signature asset for the company and is a model brand for future developments.

“We are incredibly pleased with the success that we are experiencing at Yacht Haven Grande St. Thomas and the manner in which the development is coming together,” said Andrew L. Farkas, CEO of Island Global Yachting.  “The renaissance of St. Thomas as a world-class yachting and nautical tourism destination has begun.  Yacht Haven Grande is truly at the forefront, and as its development progresses, we will continue to lead the way.”

Yacht Haven Grande St. Thomas Highlights:

  • Construction is virtually complete on Phase I of the project, with the residential condominiums to completed by the end of July and the Yacht Club structure to be completed by September.
  • Yacht Haven Grande has accepted reservations for the sale of 60% of the condominium units which will close upon completion of the construction – only five units remain available.
  • The retail component of the project is 85% leased with tenants such as Bulgari, Louis Vuitton, Jewels, Diamonds International, and Coach.  Approximately 55% of the stores are currently open and the remainder will be completing their tenant finishes between now and the autumn for opening this Season.
  • Three of the four restaurants at the project – Fat Turtle, W!kked and Grande Cru – have been open since December and have received rave reviews for their food, service and atmosphere.
  • A $500,000 signage program for the property that has been in development for six months will be rolled out over the coming months which will make the property and its retailers much more visible from the land and the sea.
  • The company is in negotiations with a number of prospective hotel partners for the development of the boutique hotel scheduled for Phase II of the project.  IGY expects that this work will commence during 2008.
  • Construction of Phase II of the marina, led by the introduction of 25 slips fronting on the Yacht Club, is expected to commence in the next 45 days.
  • Yacht Haven Grande is introducing an off-season marketing program and restaurant promotions schedule for St. Thomas residents and visitors with regular special events being rolled out at the property nearly every day during the summer-season, and multiple times per day during the opening of the yachting season in October of this year.
  • Advance bookings for the 2007/2008 yachting season are extremely strong.

“When the topic of shopping in St. Thomas comes up, Yacht Haven Grande leads the way,” said Alex Andrade, general manager of Yacht Haven Grande.  “From the quality of the merchandise to the ambience to the overall experience, nothing on the Island can even come close to what we deliver here.”

Adding to that, Executive Chef Brian Katz stated, “The restaurants at Yacht Haven Grande are also receiving rave reviews from every market segment – tourists, locals, families, couples, summer cruisers.  From the casual fun of Fat Turtle, to the distinctive lite fare of W!kked and the gourmet stylings of Grande Cru, our restaurants cover a broad scope of tastes and atmosphere with the same great commitment to quality and service.”

Yacht Haven Grande has quickly emerged as the premier marina facility for megayachts within the Caribbean and is the centerpiece in IGY’s incomparable portfolio of yachting destinations.  Located alongside the scenic Charlotte Amalie Harbor in St. Thomas, USVI, the facility encompasses a 48-slip megayacht marina complemented by an array of retail destinations, exciting dining and entertainment options, recreational amenities and seaside residences.  For more information on Yacht Haven Grande, its marina, real estate, retail and/or club membership, please call (340) 774-5030 or visit www.yachthavengrande.com.

The Residences at Yacht Haven Grande offer three-bedroom and three bath condominiums with the finest finishes and amenities.  With room service available from the Yacht Have Grande restaurants, a private plunge pool for each residence and the availability of dedicated dockage at Yacht Haven Grande, these residences exemplify the type of yachting lifestyle destination being created by IGY and offer the finest residential product in St. Thomas.

The Marina at Yacht Haven Grande offers world-class amenities such as high-speed in-slip fueling, black water pump-out and waste oil removal; up to 600 amps of 3-phase power; WiFi, 24 hour security including fully ISPS compliancy; side-to berthing for yachts up to 450 feet and beyond; and 18 foot wide concrete docks and piers.  The marina services include, beautifully designed and appointed marina facilities dedicated for crew, owners and guests including comprehensive nautical provisioning, catering, laundry, florist, and ships’ chandlery.

To complement Yacht Haven Grande on St. Thomas, IGY also recently acquired American Yacht Harbor.  This full-service marina accommodates vessels between 30 and 70 feet, and is one of the most active marinas in the area.

“Strategically from a business standpoint, these two marinas are the perfect marriage,” stated Jeff Boyd, IGY Executive Vice President of Marina Operations.  During the summer season, larger vessels do not stay in the Caribbean, due to insurance restrictions, therefore facilities like Yacht Haven Grande that cater to these megayachts will be at a reduced occupancy, while smaller craft and sportfish marinas like American Yacht Harbor will remain busy year-round and can actually drive business to your other marinas.  In the winter season, however, the limited number of facilities such as Yacht Haven Grande which can berth the megayachts returning to the Caribbean are a valued commodity and lead the nautical tourism industry in occupancy and revenue.”

ABOUT IGY

From the islands of the Caribbean to azure waters of the Arabian Gulf and other beautiful yachting destinations around the world, IGY is redefining the very idea of luxury marina experiences.  Founded in 2005 by Andrew L. Farkas, IGY focuses on acquiring, controlling and/or servicing luxury-yacht marinas and the surrounding upland real estate properties.  Island Global Yachting marinas operate under the signature Yacht Haven Grande collection and the IGY series brands, as well as several private labels.  Headquartered in Fort Lauderdale, Florida, IGY also has offices in New York, NY; St. Thomas, USVI; and Dubai, UAE.  For more information, please visit www.igymarinas.com.

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