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.
The IGY group has been very busy staking out a worldwide monopoly when it comes to these full-service marinas, with Yacht Haven Grande being the ideal prototype. They currently have properties operating or under construction in Montauk, New York; St. Thomas, US Virgin Islands; St. Lucia, West Indies; St. Maarten, Netherlands Antilles; Virgin Gorda and Tortola, British Virgin Islands; Anguilla, British West Indies; Antigua, West Indies; Cabo San Lucas, Mexico; Muscat, Oman; and Dubai, United Arab Emirates.
The project in Dubai tops out as the largest IGY has undertaken to date when it comes to sheer numbers; IGY has partnered with Nakheel, Dubai’s premier property development firm, to develop and build an astonishing forty thousand slips in new luxury marinas in Dubai. Only five hundred such slips currently exist in Dubai now. “In fact, IGY, which enjoys the Government of Dubai as one of its premier shareholders, has an exclusive agreement with Nakheel to design, build, and operate all the marinas in all of the island communities being developed in Dubai,” says Farkas. This includes the signature developments of The Palm Islands, the World, and Dubai Waterfront, the largest waterfront development in the world.
In April, IGY revealed that it had already sold a staggering 380 berths for the Anchor Marina project, located on The Palm Jumeirah. Anchor Marina is one of the rare marinas on The Palm, making it even more special and coveted. The marina’s berths will provide for yachts between 10 and 30 meters in length, with spacious concrete pontoons and modern technology making this the ultimate marina experience in what is sure to become one of the yachting capitals of the world. “The demand and sheer volume of sales for berths on Anchor Marina are simply astounding, and it really demonstrates the potential held within the market in Dubai,” says Ralf Heron, CEO of IGY Middle East. “However, it also shows that IGY can finally provide the ultimate luxury experience that yacht owners around the world have been seeking in the Emirates.”
But Farkas is quick to say that Dubai is by no means consuming all of IGY’s time and concentration: “We have so many different venues under development, it is hard to describe any one as being the largest.”
Close to Farkas’ heart is the Montauk Yacht Club Resort and Marina, which is near his family’s summer home in Southampton (The Farkas family, which includes Andrew and his beautiful wife, Sandi, their son, and two children from Farkas’ first marriage, also have homes in Manhattan, the Bahamas, and St. Thomas.) “The Montauk Yacht Club is such a jewel,” he says. “Over the years, it has become somewhat dilapidated, but even in its dilapidated state, it retains a charm, grace, and attractiveness that makes it a unique destination… Our objective is to bring it back to its original grandeur.”
From headquarters in Fort Lauderdale, Florida, the IGY team is always scoping out their next location. Next stop? “We are putting our eyes on the Western Mediterranean,” says Farkas.
What inspiring entrepreneurs can learn from Farkas is that tenacity is a key ingredient when it comes to building a successful business, although in his case, he is building so much more than a business; he is building a global empire.
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June 21, 2007Urban Zen with Donna Karan
