Global Domination

Farkas took to boating like a fish takes to water: “I spent as much time as I could sailing around the Caribbean and Mediterranean, but one thing occurred to me: there was nowhere to put the boat,” says Farkas, a high level of frustration evident in his voice even all these years later. “Even marinas where you could put the boat had very little resources, very little service, very limited utilities, and everybody was competing for the same few spaces. Typically people who own [megayachts] like to be able to go last minute, and you just couldn’t; you had to plan well in advance. And even if you planned in advance, competition for the space was fierce.”

Like any ambitious businessman with capital, Farkas decided to fix what ailed him. Thus was the birth of IGY, a company that focuses on the design, development, acquisition, and control of megayacht and other luxury-class marina facilities in key yachting and nautical tourism areas around the world. “Island Global Yachting was founded with a vision to elevate the level of megayacht and luxury-class marina facilities and experiences worldwide,” says the corporate backgrounder. This is accomplished because IGY takes a marina through its entire lifecycle from construction to opening. The group has a successful team that has overseen billions of dollars worth of development projects around the globe; they bring this expertise to the construction of some of the finest marinas the world has ever seen. “Most marinas are not equipped to deliver the highly specialized services a yacht, its owner, and crew demand,” says Farkas. “A marina should be run like a five-star hotel, and IGY is creating the ultimate experience in megayacht marinas.”

The first project IGY tackled was Yacht Haven Grande in St. Thomas, USVI, which opened on March 17th of this year. Construction of the marina began in 2004, although the acquisition process dates back to 2001. “The US Virgin Islands are amongst the most popular cruising grounds in all of the Caribbean, but lost their position of preeminence in yachting because a series of hurricanes destroyed a number of venues that were not properly insured,” Farkas explains. IGY went to work securing the properties, and creating the first yachting-orientated resort destination in the Caribbean, and the largest urban redevelopment project that the Virgin Islands have ever seen.

Aptly called ‘the playground by the sea,’ the property has already hosted some of the world’s most spectacular megayachts, with more than fifty arriving for the grand opening event. Yacht Haven Grande boasts over 5,000 feet of state-of-the-art megayacht dockage, with a plethora of amenities that brings the center above that of its competition, which is virtually non-existent. High-speed in-slip fueling, black water pump-out and waste oil removal, up to 600 amps of 3-phase power, WiFi, side-to berthing for yachts up to 450 feet, 18 foot concrete docks and so much more are offered for the many yachts that sail into the harbor. While the offerings certainly are a focal point to Yacht Haven Grande, the main idea behind the facility is service: “The staff here has been trained not as dockhands, but as five-star hoteliers. They really understand hospitality.”

The property not only includes the marina, but also an esplanade with three restaurants and 80,000 square feet of retail space, home to luxury boutiques like Louis Vuitton, Buglari, Coach, and more. 12 waterside condos, which start at $2 million, 2 tennis courts, a putting green, swimming pool, and office-space round out the offerings. A boutique hotel is scheduled to open in the coming months, adding even more service aspects to the marina, which is a $150 million project.

While historically, marinas have been about parking and storage, with the development of larger and larger boats, the focus has shifted to one of service. “What IGY has done is recognize that shift, and undertake a new concept in hospitality,” Farkas explains. While Yacht Haven Grande may be the first of these resorts to open to the public, it is by no means the last.