SAN DIEGO — The Port of San Diego’s Board of Port Commissioners blessed a planned expansion of Shelter Island Boatyard’s ownership group on Nov. 17. A lease agreement between the boatyard and port district was amended as part of the board’s action, ensuring the contract is updated and brought to current standard.
Three people will be brought on as limited partners and controlling 80 percent of Shelter Island Boatyard. Ownership interests of the 43 people currently attached to the boatyard’s business entity will be reduced, according to port staff.
Roy Hobbs will have a 40 percent share of the boatyard business, while Linda Hobbs and Wayne Morrison are expected to control 20 percent each. All three individuals will control Shelter Island Boatyard as limited partners.
Current owner William Roberts and 42 partners controlling the boatyard will remain aboard the ownership group but in a reduced capacity.
“The proposed assignment would allow Roy Hobbs, Linda Hobbs and Morrison to be added as limited partners of Shelter Island Boatyard, all of whom have extensive experience in the boatyard business and possess the qualifications needed to operate a successful boatyard facility,” port staff stated. “Their extensive experience in the boating industry and proven ability to successfully operate Shelter Island Boatyard demonstrates their qualifications to become new limited partners of [the property].”
All three limited partners have been associated with the boatyard in a professional capacity. Roy Hobbs, for example, was CEO of the boatyard; he also is a professional accountant within the industry, has more than 30 years of business experience in recreational boating and was a founding director of the San Diego Marine Trade Association and San Diego Port Tenants Association.
As a construction and project coordinator Linda Hobbs oversaw the boatyard’s redevelopment; Wayne Morrison is Shelter Island Boatyard’s general manager and has beein in the boating industry for more than 40 years.
Shelter Island Boatyard is operated by Shelter Island Yachtways and manages about 85,740 square feet of land and 124,645 square feet of water in the upper northwest portion of San Diego Bay. The property includes an existing building and dock system.
The boatyard and port district entered into its current lease agreement in October 2014; it expires in 2044.
Lease terms require the boatyard to complete a $3.25 million redevelopment project by April 1, 2016. Plans include building two new piers, a 150-ton gantry crane, and a 75-ton gantry crane; port staff stated construction is currently underway and is expected to be completed by the end of this year.
Shelter Island Boatyard currently pays the Port of San Diego a flat rent of $27,095 per month, or $325,140 annually. The lease terms will remain in place despite the ownership assignment.
The boatyard is located at 2330 and 2390 Shelter Island Drive in San Diego.