Family ready to give up control of Palmetto marina and restaurant
With marinas across the country, including both coasts of Florida, Safe Harbor Marinas will become the second largest marina operator in the world — they are already the largest in the United States — by the time they finish a rapid acquisition effort.
Their latest target?
Palmetto’s Regatta Pointe Marina and Riverhouse Reef & Grill restaurant.
The Dallas-based company’s efforts became public Monday night at a Palmetto City Commission meeting when a lease transfer was submitted for approval. The city owns the marina, but long-term leases can be bought and sold.
The current lease holder is Regatta Pointe Investments LLC, under the umbrella of the VanDerNood family. The family, a staple in Manatee County real estate and restaurants, has run the Regatta Pointe facilities for decades.
Hailing from Chicago, the VanDerNood brothers founded Fratello’s Chicago Pizzeria, and the family has owned the rights to the Regatta Pointe marina and restaurant ever since they arrived in Manatee County for more than 30 years.
“It’s bittersweet, but it’s time,” said Peter VanDerNood. “We’ve spent the last 30 years building with the heart of our family into this place.”
As part of the purchase agreement, the VanDerNoods will stay on as the restaurant operators but will now pay their new landlord, Safe Harbor Marinas, which will take over the day-to-day operations of the 300-slip Regatta Pointe.
The city’s action on Monday was the final hurdle that needed to be cleared to move the sale forward, according to VanDerNood, who said Safe Harbor Marinas approached them several years ago about selling. With the death of the family patriarch, Harry VanDerNood, in 2013, it was time.
“(Safe Harbor Marinas) are a great group of people,” VanDerNood said. “It’s an exciting time for Palmetto and the city is doing a lot of great things that are getting noticed. A company like this doesn’t come in unless they see that and see the great things coming.”
The city’s role in the transfer is minimal under the terms of the lease. The sale must be approved, but the city can only review the potential buyer’s financial ability to complete the deal and the quality of the company. With both of those items easily covered, “I’m comfortable with the due diligence we are responsible for,” said Jim Freeman, city clerk.
The sale price will remain confidential for now, but VanDerNood said the transfer of ownership could take place within the next 60 days. The VanDerNoods purchased the lease in the mid-1980s from 600 Investment Corporation, the original developer of the marina.
The details of the lease will not change with the ownership of the rights. The 50-year lease began in 1982 with a 25-year initial term and a 25-year renewal, which was renewed in 2007. The current lease will expire in 2032 and will have to come back to the city for any further renewals or extensions.
VanDerNood said Safe Harbor Marinas has not discussed any immediate plans for renovations to the marina or restaurant, but brings the capital to do a lot of immediate improvements to the aesthetics of the marina.
A Safe Harbor Marinas representative did not immediately return a call for comment to discuss future plans.
This story was originally published October 16, 2018 at 3:09 PM with the headline "Family ready to give up control of Palmetto marina and restaurant."