Florida Keys News - Key West Citizen
Friday, June 28, 2013
Sunset Marina sells for $2.2M
Owners to remove dry slips, keep fuel dock, bait store

Sunset Marina on Stock Island has sold and its 43 dry-storage boat slips have been vacated, the new owners said.

The marina was bought for $2.2 million last month by a contingent of business owners, including the owners of the Key West Golf Club, said Key West Attorney Bart Smith, whose family is part of the group that bought the marina under the name Sunset Marina LLC.

The company will maintain 165 wet slips of the 208 total slips, which include the 43 dry slips, Smith said.

Sunset Ventures of Key West Inc., the developers and previous owners, had permission for 182 slips -- wet or dry, he said.

The former owners had started the process to get permits to install dry slips, Smith said.

They had put in 43 new dry racks when the state Department of Environmental Protection and city of Key West ruled that 208 slips were too many.

Those dry racks were never removed, though, and the new owners plan to get rid of them.

Murray Marine owner Lee Murray said on Thursday that he's buying 10 to 12 of the dry racks.

"I am trying to get them as fast as I can," he said, adding that he currently has about 140 dry slips.

Though that business has been up for sale for the past five years, Murray said he doesn't expect a buyer anytime soon, as he does not plan to "give it away."

The new owners of Sunset Marina plan to keep the fuel dock and the bait and tackle store -- for now, Smith said.

Owners of Fish Race boat, an engine repair shop at Sunset Marina, said they plan to relocate elsewhere on Stock Island.

Sunset Marina is the second marina on Stock Island to sell in the past month. Developer Pritam Singh purchased Oceanside Marina from BB&T Bank for $5 million on June 13.

Singh said he plans to invest another $25 million into the marina for repairs and upgrades, including 80 new condos and a restaurant.

He also plans to eventually eliminate the roughly 100 dry slips at his marina, as they are housed in an old boat barn he wants to tear down and replace with the condos.

However, that won't happen for another two years, Singh said Thursday.


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