In the most recent issue of Marina World Tim Mason describes key reasons to continue to forge forward in project preparation even in down economies.
In the midst of a significant global economic downturn, many marina owners are wary of taking on capital projects. However, deteriorating infrastructure will not pause until it is convenient for the owner to pay for repairs and upgrades. Even if a marina owner isn’t ready to reconstruct or expand, he or she can advance planning, feasibility studies (including pro formas), design and begin the permitting process. Facilities that aren’t planning any major changes and have kept up with maintenance could also benefit from an operations audit or pro forma ‘tune up’. In many areas, obtaining approvals for a new marina or a major renovation/expansion can take from six months to two or more years. An owner who postpones a necessary renovation until the economy shows signs of improvement may have to wait two or more years before construction can start! On the other hand, marina owners who have done the legwork for a renovation or new project will be able to move quickly to construction when they are ready. The prepared owner puts himself in a strong competitive position. For projects that are approved and have financing, construction in a depressed economy offers owners the savings of lower fuel costs, surplus materials and contractor availability.