The Miami City Commission has approved a new lease agreement with the Coconut Grove Sailing Club at its waterfront location on South Bayshore Drive.
Fears to the contrary, the Coconut Grove Sailing Club is not going anywhere, at least not for a while.
The Miami City Commission granted the club a new lease last week that will allow the club to remain in place for the next 40 years.
As part of the lease, the club agreed to construct a new seawall and replace two docks, with dredging, on the city-owned property at 2990 South Bayshore Drive – improvements that are expected to cost $3.75 million.
Alyn Pruett, a sailing club board member involved in the lease negotiations, said the timing of those improvements will depend on project financing.
“From our perspective, we would like to do all the improvements immediately,” he said.
Pruett said the club is particularly pleased to have locked in a 40-year term, with annual base rent starting at $180,000 with an escalator clause.
“The big thing we were looking for – long-term security – is what we got,” he said.
The club’s previous lease, struck in 2011, was for five years, with two five-year extensions. The second extension is set to expire next year, raising some concerns among members about the future of the club.
“It’s a big relief to get this done,” Pruett said. “Everyone is really happy.”
