The property has a 60-year ground lease that began in 1968 and was scheduled to expire in 2028. The county approved a 39-year extension to the ground lease that now expires 2067. That means there are 56 years remaining on the ground lease plus potential extensions.
Marina City Club units are officially called ‘condominiums’ but because the county owns the land- it is slightly different than with most condominiums. What you are actually buying is a “long-term, prepaid sublease”. Basically you are buying the right to possession for the length of the ground lease. As an owner you can sell your condo to another party, but you do not actually own the land, apartment or common areas as a normal condominium owner would. Prices for these units tend to be similar to other condos in the area, because except for the additional monthly expense of the ground lease- buyers consider them the same.
The ground lease is a separate monthly expense in addition to HOA dues. Make sure you find out how much the HOAs+Ground Lease costs are when considering a condo. Also be aware there is a transfer fee.