A local redevelopment plan for the Fort Lauderdale International Boat Show (FLIBS) has been withdrawn, leaving its future uncertain.
Due to host the show until 2020 at Bahia Mar Resort and Yachting Center, TRR Bahia Mar LLC has recently withdrawn its plans to redevelop the area. According to reports, the plans are said to have collapsed after local opposition forced the developers to scale back two tower blocks, from 39 to 29 stories.
Project developer Jimmy Tate announced in a statement, “The proposed lease terms and conditions being demanded by Show Management and the Marine Industry Association of South Florida (MIASF) are not even close to being fair and equitable.
“As much as we wanted to try to help the boat show folks, when you start to add everything up, the economics were no longer viable.” Tate also revealed that he is unsure of what will happen to the show once its current lease expires.
The show’s organisers Show Management and the MIASF responded by saying that they were disappointed to hear about the decision of the developers, but did state that they have now “entered into a 30-year agreement to help ensure the show’s future.”
Reports also revealed that the Bahia Mar Resort and Yachting Center was purchased by company Tate Capital in July 2014, with a long-term lease agreed with the city authorities which will run until 2062.
For more information, visit Fort Lauderdale International Boat Show.