Key West Citizen - 02/06/2010
A local development company has sold its ownership in Conch Harbor Marina to one of its investors, who said he has no plans to redevelop the property.
Craig Hunt was one of several investors who put up money to help Cortex Cos. acquire ownership of Conch Harbor in May 2007 for $14.9 million.
The company had hoped to redevelop the property with condominiums but scrapped those plans when the bottom fell out of the real estate market, Hunt said. At the time of purchase, the company did not make those plans public, saying instead it would continue to operate the property “as is.”
Hunt purchased the property from Cortex and another investor for $7.7 million on Jan. 29 after working for the past year to find financing, he said.
The two-level property is at 951 Caroline St., next to the ferry terminal. The ground level includes Dante’s bar and restaurant and its adjoining pool, a handful of boat slips that are not dock condominiums, and a 65-car parking garage and fueling system. Aboveground is a plaza with the Prime 951 steakhouse and six retail and office spaces.
“It’s arguably the best marina in town locationwise,” said Hunt, who also heads KeysCaribbean Resorts, a company that manages luxury vacation rentals in the Florida Keys. KeysCaribbean is a division of Cortex Cos.
He said his plans for the property are to find tenants for some of the empty retail spots, and make it more attractive for locals.
“Conch Harbor’s location and amenities make it a superior facility, not only in Key West, but also throughout the Florida Keys,” Hunt said in a press release. “We will be launching new programs with the goal of making Conch Harbor the best marina for locals.”
Plans could include opening the property to fishing tournaments and other special events, and forming a club where members who bought a certain amount of fuel would receive significant discounts on supplies at the bait shop, he said.
Hunt has been operating the property for the last year, alongside General Manager Gina Kennedy, who now has a small ownership interest in the property and will continue to manage the marina, he said.
“I am 85 percent owner,” Hunt said. “I’ve given my manager, Gina, a piece of the ownership. And there was another local investor that was with the old company and has also stayed with me in the new company.”
He declined to name that person.
“I’m a real believer in rewarding good people,” he added.
When Cortex bought Conch Harbor in 2007, it had hoped to market the property as an amenity to its Harbor House project, a planned 32-unit luxury development adjacent to the Key West Bight. That project has yet to come to fruition, and its future is uncertain.
Cortex bought several developments and parcels at the height of the real estate craze with the hope of redeveloping them into luxury housing. Many of those projects are in various stages of completion or have gone into foreclosure.
A representative from Cortex could not be reached for comment.
Hunt said he no longer is involved in any of the company’s development projects.
Hunt moved to Key West in 2002 after a 30-year career with the Intercontinental Hotels Group PLC, one of the world’s largest hotel companies. He served as president of Holiday Inn Worldwide and vice chairman of the Intercontinental Hotels Group, then known as Six Continents PLC. Hunt also is a captain and an avid fisherman.
