The Economic factors of Ground Leasing at Marina del Rey

by Allan D. Kotin, Regan & Mouchly Inc, Los Angeles, United States,
K. C. Klinger, Regan & Mouchly Inc, Los Angeles, United States,

Document Type: Proceeding Paper

Part of: World Marina '91


Begun in 1957, Marina del Rey is the largest single marina under unified management in the United States. Situated on more than 804 acres, the Marina has 56 major leaseholds and over 300 subleases. This article offers a limited review of the history of Marina del Rey with particular emphasis on the current leasing policy evolved. MDR's 30-year history of land leasing policies, particularly those dealing with the calculation of rent and the administration of both revenue and maintenance provisions, are examined in general terms. Since 1980, rising land values, strong real estate pressures and other factors have resulted in substantial windfall profits for Marina lessees. The article deals also with recent trends in lease negotiations, especially the problems of lease extension and redevelopment.

Subject Headings: Economic factors | Ports and harbors | History | Revenues | Maintenance | Real estate | Legislation | Urban development | United States

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