March 20th, 2008 categories: Real Estate News
Maximo Marina and Nautico, marinas owned by Frank Maggio and his companies, in St Petersburg, Florida, have given up on selling the slips and dry storage as dockominiums, have returned deposits, and are now available as slip rentals. Nautico, first a part of a condominium development, then a dockominium project, is now renting slips. Maximo Marina, long a marina with rental slips, recently evicted the rental boats to make way for dockominiums. It’s not the right time for that concept in St Pete, so they, too, have returned deposits, and are soliciting boats to rent their slips and "high and dry".
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Nautico and Maximo Marina, both in south St Petersburg, Florida, have been marketing their slips and “high and dry” storage as dockominiums – pay to own. Nautico is a new facility and Maximo Marina has been a rental marina for years, but recently ousted the boats in the rental slips in order to sell the slips. The current market is not accepting this concept here. So, both facilities, owned by Frank Maggio and his enterprises, have thrown in the towel, returned the deposits of potential slip buyers, and decided to rent out the slips. Since previous slip renters have had to make alternate arrangements and move their boats, I wonder how receptive they’ll be to returning.
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