Blackstone-backed marina operator to buy Belfast’s Front Street Shipyard

An aerial view shows bulidings, boats, water and woods.

File photo / Billy Black Front Street Shipyard

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Front Street Shipyard, a boatbuilder and marina on the Belfast waterfront, is slated to be sold to Safe Harbor Marinas, the largest marina and superyacht servicing business in the U.S.

Earlier this year, the shipyard’s owner, Dubba LLC, entered into a purchase and sale agreement with SH Marinas LLC.

The acquisition is scheduled to close Dec. 31, Greg Glavin, Safe Harbor’s regional vice president, wrote in a letter to the Belfast Planning Board last month.

“Safe Harbor plans to maintain the property as a working marina and boatyard,” Glavin wrote. “We are committed to continuous investment in the asset and its employees, with an estimated $5 million investment planned within the first three years of ownership. Beyond this initial investment, Safe Harbor will continue to allocate resources for ongoing maintenance.”

In April, Safe Harbor Marinas was itself sold by real estate investment company Sun Communities Inc. (NYSE: SUI) to Blackstone Infrastructure, which is part of Blackstone Inc. (NYSE: BX), the world’s largest alternative asset manager with more than $1 trillion in assets under management, according to its website.

Front Street

Established in 2011, Front Street Shipyard started with a $13 million investment by a partnership led by four principals — JB Turner, Front Street's president and general manager; Steve White, of Brooklin Boat Yard; Taylor Allen, of Rockport Marine; and Ken Priest, of Kenway Corp.

The boatyard, at 101 Front St., revitalized Belfast's working waterfront, tearing down derelict buildings and adding state-of-the-art facilities.

The yard offers boatbuilding, restoration, refits and marina services, taking on yachts as large as 200 feet.

Turner, one of the principals in Dubba LLC and a 2017 Mainebiz Next List honoree, declined to comment on the prospective deal.

Safe Harbor

Founded in 2015, Safe Harbor is the country’s most diversified owner and operator of marinas, with 149 locations across the U.S., Caribbean, Mediterranean and Central America. Headquartered in Dallas, Safe Harbor had $965.8 million in revenue in 2024 and a network of 138 marinas, serving over 39,000 members.