Like many of the residents of Burnt Store Marina, my attention during the winter and spring of 2015 was riveted by the multitude of different rumors circulating about the potential sale of the Burnt Store Marina and Golf Course. We had seen surveyors busy with their instruments throughout the development and been entertained by a constant succession of different “from an authoritative source” pronouncements on why they were there. Realmark’s debt was being transferred by its bank – no, the Marina was being sold; the buyers are from Texas – no, make that Minnesota; the Marina is being turned into dockominiums – no, there will be a new manager of the Marina; a big tax bill is overdue; and for at least six months – “we’ll know for sure by the end of the month”. With that as context, learn about the history of the grand plans and miss-steps of a few of the colorful developers who have built Burnt Store Marina into what it is today.
The book describes the transfer of the marina property, golf course, tennis club and local facilities from Realmark to an investment company named Castlelake in mid 2015. Subsequent to the publication and printing of Where Do We Live?, Castlelake has divested all of its interests in BSM in two large transactions as noted below.
The Marina, consisting of its slips, boat storage yard, restaurant and several adjacent land parcels were sold in January 2017 to a specialist marina operator named Safe Harbor Marinas, LLC. Following Safe Harbor’s merger with Brewer Yacht Yards, they claimed to have 63 properties across 17 states and house over 30,000 boats.
Also in January 2017 Castlelake entered into a binding agreement to sell the golf course property, tennis and fitness facilities, water irrigation systems and several land parcels to the Burnt Store Marina PGI Section 22 Home Owners Association. This transaction received overwhelming support by the members of the HOA in a community vote. The transactions closed in March 2017.
These two transactions have been very positive steps forward for the community. A deep pocketed and professional operator is now in a position to invest in the future of the marina and the community now has much better control of its own destiny through better control of most of its on site amenities.