Maine, Belfast-based Front Street Shipyard is set to be sold to Safe Harbor Marinas, North America’s largest marina and superyacht servicing business.
In a letter to the Belfast planning authorities, Greg Glavin, regional vice president of Safe Harbor Marinas, requests the change of ownership under a contract rezoning agreement and comprehensive master agreement.
In the letter, Glavin states that Safe Harbor is an owner and operator of 149 locations across the US, Caribbean, Mediterranean and Central America.
Purchase and sale agreement
“The estimated annual operating cost for the Front Street Shipyard is projected to range between $5.5 million and $6 million, which will be funded through a combination of cash flows generated by the business and Safe Harbor’s own capital,” he stated.
Safe Harbor and current shipyard owner Dubba LLC are parties to an agreement of purchase and sale, signed in April 2025.
Working marina and boatyard
Safe Harbor says it plans to maintain the site as a working marina and boatyard and says it is committed to continuous investment.
The organisation plans to invest around $5 million within the first three years of ownership and will continue to allocate resources for ongoing maintenance.
The acquisition is scheduled to close on December 31 2025.
Safe Harbor is owned by Blackstone Infrastructure.
Front Street Shipyard was established in 2011 and is a yacht yard, marina and storage facility catering to a range of vessels from recreational boats to commercial vessels and superyachts.
The shipyard carries out custom boat building, service and refit work.
The yard is situated on a six-acre property with 1,500 feet of waterfront and is able to accommodate yachts up to 155 feet in length in its undercover facilities.
