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Derecktor’s Investment in Revitalization of Port of Fort Pierce for Megayacht Shipyard Yielding Results

Posted on September 16, 2020

Derecktor is pleased to announce significant progress and key milestones achieved in the development of its new Fort Pierce shipyard.

Despite a global pandemic and the slow pace of government permitting, Derecktor has been moving forward with the transformation of the one-hundred-year-old Port of Fort Pierce and aging Indian River Terminal into a modern facility capable of servicing the world’s largest yachts. The facility, which hadn’t had any major infrastructure upgrades in more than two decades, required substantial cleaning and debris removal and is being brought up to current fire and safety code. Improvements have been ongoing ahead of any technical trade work being carried out.

“The Port of Fort Pierce is the ideal location for America’s next great shipyard. The Fort Pierce Inlet is the widest, deepest, and most navigable inlet between Port Canaveral and Port Everglades. Deep water access, no overhead obstructions and a generous turning basin provide ample clearance and maneuverability for the global fleet of mega-yachts and large sailing yachts,” explained Justin Beard, Marketing Manager for Derecktor.

In additional to these natural features, Derecktor Ft. Pierce will be home to a 1,500-ton mobile boat hoist – the largest of its kind in the U.S. – capable of lifting vessels up to 250 feet in length out of the water and gently placing them on the concrete pier for maintenance, repair or refit. The hoist is being built by Cimolai Technology in northern Italy at a cost of $6.5 million. Despite navigating one of the most challenging health and economic crises in modern history, the construction of this massive machine is nearing completion and is still on schedule for delivery by the end of the year.

As the project transitions from approvals and permitting into the pre-construction phase, Derecktor has remained in compliance with its lease agreement and made its first rent payment to St. Lucie County on September 1. The payment also included the franchise fee Derecktor had already been paying since November of 2019, bringing the payment to the county to about $122,000 a month.

Derecktor has also agreed to provide funds to meet St. Lucie County’s matching grant requirement with the State of Florida’s Department of Transportation for two seaport grants totaling nearly $1 million. The north bulkhead 70-plus-year-old aging infrastructure will be replaced, and the south dock area will receive major upgrades to potable water, electric, fire suppression system and fiber optics.

“Derecktor is contributing approximately $648,000 towards these important rehabilitation projects at the Port’s north bulkhead area and the south dock area,” Beard said. “This infusion of private money into these necessary repairs to a public facility is essentially saving St. Lucie County taxpayers more than half a million dollars.”

Hauling operations at Derecktor Ft. Pierce are expected to begin in early 2021. The rehabilitated shipyard and new mobile boat hoist will instantly position Fort Pierce and St. Lucie County as a desirable option for the global megayacht and large sailing yacht fleets and to successfully serve new U.S. and international markets.

Community response to Derecktor’s investment in the port has been extremely positive. Residents and businesses recognize the development of the shipyard is a game-changer for Fort Pierce, St. Lucie County, and the Treasure Coast. The economic impact on the local economy and job creation will only continue to increase as the shipyard becomes fully operational and will help to spur further redevelopment efforts at the Port of Fort Pierce.

“Derecktor played a central role in helping establish Fort Lauderdale as the ‘Yachting Capitol of the World’ decades ago. Now it’s Fort Pierce and St. Lucie County’s turn,” added Beard.

Founded in 1947, Derecktor Shipyards is a worldwide leader in the construction, repair and refit of yachts, commercial and military vessels. Derecktor facilities span the eastern seaboard of the U.S. from Maine to South Florida, offering vessel owners and operators everything from marina space to megayacht construction. For more information about Derecktor Shipyards, visit www.derecktor.comfollow on Facebook, email jbeard@derecktor.com or call 772-595-9326.

 

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