Bradenton helps $5M project to improve Twin Dolphin Marina, reduces lease costs
BRADENTON -- The Bradenton City Council on Wednesday approved helping the owners of the Pier 22 restaurant and Twin Dolphin Marina obtain financing for $5 million in improvements to the marina, by reducing the cost of its lease with the city.
Hugh Miller, president of the Don Miller Development Co., and owner of the two facilities, said the marina project would be a "game changer."
The scope of the proposed work includes reconfiguring the entire eastern part of the marina with 129 new slips including updated new floating docks with full amenities to accommodate larger vessels. Miller said the initial investment would be $3.5 million for the replacement of three docks and should ongoing attempts to garner grant funding be successful, the remaining $1.5 million would pay for the replace
ment of a fourth dock.
Miller said 86 new slips will accommodate vessels of 50 feet or longer and 13 slips will hold vessels of 70 to 105 feet in length. Currently, the marina only has seven slips that can accommodate larger vessels.
"It's a very expensive proposition to do it right," said Miller. "But we are going to do it right."
Miller said larger boat owners tend to spend more money, which would benefit the marina, as well as all of downtown.
"Working together, we can make this project cost-competitive in the marketplace and position the downtown area to be the incredible jewel and economic driver of the city," said Miller.
The city, as the landowner, acted on behalf of Don Miller Development to apply for state and federal grants.
The council voted unanimously to lower the marina's lease from 8 percent to 2.5 percent of revenue collected. The lease reduction does not affect the 5 percent the city receives from restaurant sales.
The difference amounts to about $1,000 less in revenue per month, said City Clerk Carl Callahan -- a difference that could be made up later from increased revenue after the project's completion. Miller said his company has invested more than $10 million in the restaurant and marina since signing the original lease in 1974.
Mayor Wayne Poston said the most recent $400,000 renovations to Pier 22, "are amazing. "People come to Bradenton, go to Pier 22 and get treated the way they like to be treated."
Ward 4 Councilman Bemis Smith said the marina expansion is, "the next logical step. I see this as a continuation of what we, as citizens, are working on for the waterfront."
Mark Young, Herald urban affairs reporter, can be reached at 941-745-7041 or follow him on Twitter @urbanmark2014.
This story was originally published February 10, 2016 at 11:55 PM with the headline "Bradenton helps $5M project to improve Twin Dolphin Marina, reduces lease costs ."