Lake Park Harbor Marina Public Private Partnership

Forest Development P3 LPM, LLC - Public Statement
Since June of 2025, we have acted in good faith to move forward with the redevelopment of the Lake Park Harbor Marina pursuant to the approved Comprehensive Agreement between the Town of Lake Park and Forest Development P3 LPM, LLC. Without giving up our rights, we also met with the Town to discuss possible refinements to address concerns raised by officials who were not involved in approving the Agreement in 2023.
 
Unfortunately, the Town has failed to acknowledge our rights and the Town's obligations under the Agreement so we have been forced to initiate litigation. We are not seeking damages. We are simply asking the court to confirm of our rights under the Agreement so the project can proceed as approved. We are also asking the Court to compel the Town to perform under the Agreement, which includes participating in the advancement of certain local, state, and federal applications that must be approved in order for the redevelopment to move forward as planned. 
 
We remain open to continued discussions with the Town, including with a professional mediator, and look forward to proceeding with the redevelopment and revitalization of this important public property.
 
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P3 Overview

The Town of Lake Park approved by resolution on August 2, 2023 the Comprehensive Agreement between the Town of Lake Park and Forest Development P3 LPM, LLC (the "Developer") for a public-private partnership to redevelop the Lake Park Harbor Marina.

Pursuant to the Agreement, the Developer is providing the following:

  • Improvements to the 12-acre property that include: (1) an enhanced and expanded marina with new pedestrian promenades, (2) a modern boat storage facility, (3) a new hotel, and (4) new restaurant.

  • Rental income to the Town in connection with four separate ground leases for each component of the project that allow the Developer to finance, construct, operate, and maintain improvements on the property for a 99-year term.

  • An upfront payment to the Town of a one-time Assessment Fee in the amount of One Million Two Hundred Thousand Dollars ($1,200,000), subject to the Town’s participation in an application to the state for the release of certain Deed Restrictions and Reverter Clauses.

  • An annual marina fee to the Town of Three Hundred Thousand Dollars ($300,000) commencing on the one-year anniversary of the issuance of a certificate of occupancy for the first Component of the Project, for a period of ten (10) years.

  • Upon the planned completion of the Marina expansion, payment to the Town of ten percent (10%) of the rental amounts collected by the Developer based upon the additional revenue earned from the construction of new wet slips beyond the existing 135 wet slips on the property. The Developer’s obligation to pay the Town these revenues shall commence on the one-year anniversary of the issuance of a certificate of occupancy for the Public Marina Component.

  • Payment to the Town of increased ad valorem taxes.

The Marina itself and all of the land on which these numerous improvements will be made will forever remain in full ownership of the Town of Lake Park.

The Marina property is being leased by the Town of Lake Park to the Developer. Because this is a lease, the Lake Park Harbor Marina will remain a public marina owned by the Town of Lake Park.

The Marina and all expanded services will be fully open to the public.

New jobs will be created through the construction, operation, and maintenance of the development. New jobs will also be created both at the marina and the new associated businesses, such as restaurants, a hotel, and retail establishments.

The Developer has partners - both in expertise on operating marinas and hotels, as well as the financial aspects of a project such as this.

The modernization of the Marina will allow for the Town to derive millions of dollars in additional revenue over the lifetime of the 99-year lease, and can then be allocated towards improvements and services to the Town which will benefit the quality of life for all residents.

Restaurant_002_e

P3 Overview

The Town of Lake Park approved by resolution on August 2, 2023 the Comprehensive Agreement between the Town of Lake Park and Forest Development P3 LPM, LLC (the "Developer") for a public-private partnership to redevelop the Lake Park Harbor Marina.

Pursuant to the Agreement, the Developer is providing the following:

  • Improvements to the 12-acre property that include: (1) an enhanced and expanded marina with new pedestrian promenades, (2) a modern boat storage facility, (3) a new hotel, and (4) new restaurant.

  • Rental income to the Town in connection with four separate ground leases for each component of the project that allow the Developer to finance, construct, operate, and maintain improvements on the property for a 99-year term.

  • An upfront payment to the Town of a one-time Assessment Fee in the amount of One Million Two Hundred Thousand Dollars ($1,200,000), subject to the Town’s participation in an application to the state for the release of certain Deed Restrictions and Reverter Clauses.

  • An annual marina fee to the Town of Three Hundred Thousand Dollars ($300,000) commencing on the one-year anniversary of the issuance of a certificate of occupancy for the first Component of the Project, for a period of ten (10) years.

  • Upon the planned completion of the Marina expansion, payment to the Town of ten percent (10%) of the rental amounts collected by the Developer based upon the additional revenue earned from the construction of new wet slips beyond the existing 135 wet slips on the property. The Developer’s obligation to pay the Town these revenues shall commence on the one-year anniversary of the issuance of a certificate of occupancy for the Public Marina Component.

  • Payment to the Town of increased ad valorem taxes.

The Marina itself and all of the land on which these numerous improvements will be made will forever remain in full ownership of the Town of Lake Park.

The Marina property is being leased by the Town of Lake Park to the Developer. Because this is a lease, the Lake Park Harbor Marina will remain a public marina owned by the Town of Lake Park.

The Marina and all expanded services will be fully open to the public.

New jobs will be created through the construction, operation, and maintenance of the development. New jobs will also be created both at the marina and the new associated businesses, such as restaurants, a hotel, and retail establishments.

The Developer has partners - both in expertise on operating marinas and hotels, as well as the financial aspects of a project such as this.

The modernization of the Marina will allow for the Town to derive millions of dollars in additional revenue over the lifetime of the 99-year lease, and can then be allocated towards improvements and services to the Town which will benefit the quality of life for all residents.

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To share any feedback or ask questions about the project, please complete the form below or email [email protected]

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