2343 replies to this topic

[Victoria Watcher]

Recall that before it was even completed it changed hands:

 

 

 

An ownership group from Vancouver took over the development company Community Marine Concepts Ltd. last year. B.C. government records list Community Marine Concepts’ directors as Weiwei Li, Yulu Zhang and Dongxia Zhang, all of Greater Vancouver.

 

https://www.timescol...-summer-4627984

 

 

 

 

And I think we know nothing about those owners, they have never made any public statements or announced appearances here.

Edited by Victoria Watcher, 23 December 2021 - 02:14 PM.

[cnorrisvimarina]

As do I Mike … definitively proving two things:

1) we don’t walk the path at the same time.

2) when we each walk the path at different times - we each see different things. 

For what it's worth... the official Occupancy number for the marina is 42.7% for the fiscal year to date (April 1 - Dec 23)

[Mike K.]

Yeah, that sounds about right. For much of the year the causeway marina is quite lightly used, too, compared to how busy it is in the summer months.

[max.bravo]

That’s a lot of words for something you don’t seem to know much about.

Why would someone who cruises the pnw keep their boat in Florida? Look at a map.

Edit- meant to quote spyblack’s earlier post wrongly referencing a covenant.

Edited by max.bravo, 23 December 2021 - 07:30 PM.

[Spy Black]

Learn to properly quote posts if you're going to try to insult folks on the internet!

 

Anyway, to answer your yacht cruising question, I have to first point out that you're obviously a "poor" who doesn't have the coin to get their $2 - $10 million yacht from Vancouver/Seattle to Florida for the winter, or a Florida based rich guy who is one of the many dozens who cruise to Alaska in the summer.

 

Your question of "Why would someone who cruises the pnw keep their boat in Florida?

1. It involves the Panama Canal to start https://en.wikipedia...i/Panama_Canal 
2. and then it progresses to yacht transporters https://oneworldship...acht-transport/
3. or https://www.yacht-tr....com/schedules/.

 

Oh ... and while you're at it, you might want to check out the definition of "covenant" in the dictionary ... at least as it relates to the legal obligation of the marina to refrain from commercially berthing any boats under 65'. https://www.merriam-...ionary/covenant

Edited by Spy Black, 23 December 2021 - 09:59 PM.

[Barrrister]

Spy Black:   Blacks Legal Dictionary (totally unrelated to you) is a better source of legal definitions.

[Sparky]

Gently boys.

[Victoria Watcher]

The single largest creditor is the Bank of Nova Scotia, which is owed just over $15.5 million, followed by the City of Victoria which is owed $299,274, the Canada Revenue Agency is in line for $196,958, and the Esquimalt and Songhees First Nations are each owed $51,423. The City of Victoria said the outstanding debt is for property taxes.

 

The marina has struggled since it opened in 2018, and the pandemic only made things worse. Facing a second year of empty slips, the owners of the marina put it on the market in the spring of this year.

 

The property includes the marina’s 28 slips for vessels between 65 and 165 feet in length, nearly 3,000 linear feet of concrete-and-steel floats, and amenities including a restaurant and a marina building.

 

 

https://www.timescol...vership-4897883

 

There are also 48 underground parking spots and leases with the provincial and federal governments.

[Hotel Mike]

The 152 foot After Eight is docked there right now, in front of the Boom and Batten.

[Victoria Watcher]

The 152 foot After Eight is docked there right now, in front of the Boom and Batten.

 

Is or was owned by the Wheaton family.

 

Edited by Victoria Watcher, 24 December 2021 - 11:03 AM.

[SimonH]

Wheaton Family ??

[Victoria Watcher]

Yes, they discovered Wheaties.

Edited by Victoria Watcher, 24 December 2021 - 11:05 AM.

[Barrrister]

Did they start to plant Wheaties trees here?

[spanky123]

Sometimes things are more complicated than they seem from the outside...

 

Agreed. I fully expect to see the marina continue under new ownership. 

[Victoria Watcher]

Certainly the $15.5M loan is costing ~ $75,000/mo.  

Edited by Victoria Watcher, 24 December 2021 - 12:04 PM.

[spanky123]

Certainly the $15.5M loan is costing ~ $75,000/mo.  

 

I would think that all of the debts are open to renegotiation.

[Barrrister]

Would not be surprised if someone ends up buying it for 10 cents on the dollar. 

[spanky123]

Would not be surprised if someone ends up buying it for 10 cents on the dollar. 

 

Don't know about $.10 but I wouldn't at all be surprised to see similar faces at the helm going forward.

[G-Man]

I have never seen it empty but certainly could be busier.

[Mike K.]

Ten years from now it’ll be a bustling marina with many yachts moored there year round, and everyone will agree it’s such a cool spot for these big boats. And we’ll be telling stories how it had a bumpy start when it began operating, but few will believe us, and some will think we got our details scrambled a bit because there’s no way something so successful could have ever not been.

That same story has been written countless times over the centuries for places and things we consider indispensable.