The wrecking crews finally arrived. After years of delays, the 60-year-old clubhouse is gone, clearing the way for an ultra-modern replacement and 21 luxury townhomes on one of Broward's most recognizable waterfronts.
- The old clubhouse has been demolished, and construction of the first townhome must begin within 30 days.
- The redevelopment includes a modern two-story clubhouse, 21 luxury townhomes, a new tennis center, and a pool complex.
- Developer Terry Paterson has 40 months to complete the entire site, putting delivery around early 2030.
The Lighthouse Point Yacht Club has been a fixture in this small Broward city since the 1960s, hosting charity galas and serving as a gathering place for the local boating community. But the Old Florida clubhouse at 2701 NE 42nd Street had been closed since 2022 after crews discovered asbestos. According to the New Pelican, demolition wrapped up in mid-September 2026 after a roughly three-week job. Developer Terry Paterson, who bought the 10-acre site in 2017 for about $16 million, is now moving forward with what his firm bills as a $250 million redevelopment.
What is being built at the Lighthouse Point Yacht Club?
The new clubhouse will be a two-story, ultra-modern building with fine dining, a piano lounge, an outdoor tapas bar, banquet seating for 280 guests, a gym, spa, and rooftop terrace. Alongside it, Paterson Project Management is building 21 luxury townhomes ranging from 3,600 to 4,750 square feet, a new tennis center with a cafe, and a pool complex. The marina's 78 deep-water slips will remain unchanged.
Despite the clubhouse being closed for years, membership kept growing. According to the developer's marketing, only three of the 21 townhomes remain unsold.
As Larry Mastropieri explained on the Discover South Florida Podcast: "Despite the clubhouse being closed for years, the membership kept growing. That says a lot about the demand for this club and the location. People still wanted to be connected to Lighthouse Point Yacht Club, even with all the delays."
Why did it take so long?
Paterson bought the property in July 2017 and originally announced groundbreaking for 2021. That did not happen. The project hit multiple delays: permitting issues, financing challenges, a clubhouse redesign, and the discovery of asbestos that forced the clubhouse to close in 2022. Paterson recently settled outstanding code violations with the city.
As Larry put it: "Asbestos is one of those things you still run into with older properties. Most homes from the 1970s, if you really try hard enough to find it, you might find it somewhere. When you start tearing up old materials and testing them, sometimes it shows up, and that can slow everything down."
The timeline is now locked in. Construction of the first townhome building must begin within 30 days, and Paterson has 40 months to complete the entire site. That puts full delivery around early 2030.
Interested in waterfront living in Lighthouse Point? Talk to a Lighthouse Point real estate agent who tracks what is coming to market and when. Reach out to The Mastropieri Group or call (954) 388-7738.
How does this compare to other South Florida marina redevelopments?
Lighthouse Point Yacht Club is the boutique version of what is happening across South Florida's waterfront. It is a members-only club keeping its intimate scale while modernizing, rather than the massive branded-tower reinventions happening elsewhere.
The scale comparison:
Pier Sixty-Six in Fort Lauderdale is a $1 billion transformation by Tavistock that reopened in 2025 with 88 residences and a 164-slip superyacht marina. Phase II will add four more towers with 339 units. Bahia Mar, the 39-acre boat-show marina site, is a $2 billion redevelopment by Related Group, Tate Capital, and Rok Acquisitions that will include a St. Regis hotel, luxury condos, and roughly 250 marina slips. Over in West Palm Beach, Rybovich Marina is another $2 billion play with condo towers and superyacht infrastructure.
Lighthouse Point Yacht Club's $250 million budget is a fraction of those projects. But that is the point. This is not a branded tower play. It is a club that is staying a club, just with a modern building, better amenities, and townhomes that fund the whole thing.
Who is Terry Paterson?
Terry Paterson is unusual because he is both the developer and the operator of the club he is rebuilding. He owns the Lighthouse Point Yacht Club, is redeveloping it, and serves as its interim general manager.
Originally from Cape Town, South Africa, Paterson built his first houses at 20, moved to the United States at 23, and got his start on a small luxury-hotel development. He founded Paterson Project Management about 23 years ago. Other PPM projects include the SkY230 townhomes in Lauderdale-by-the-Sea.
Larry added: "If he executes and gets this done, it will be awesome. It will be a big value add to the community, a big value add to the waterfront, and the marina will probably stay packed because of the location. Right now it may be an eyesore, but the finished product could be a huge improvement."
Watch the Full Discussion: This Segment | Full Episode | Last Week's Recap
Frequently Asked Questions about Lighthouse Point Yacht Club
What is happening at the Lighthouse Point Yacht Club?
The 60-year-old clubhouse has been demolished, and developer Terry Paterson is building an ultra-modern replacement. The $250 million redevelopment includes a new two-story clubhouse with fine dining and a rooftop terrace, 21 luxury townhomes, a tennis center, and a pool complex. The 78-slip marina remains unchanged. Completion is expected by early 2030.
How much are the townhomes at Lighthouse Point Yacht Club?
Pricing for the 21 luxury townhomes has not been publicly disclosed, but the units range from 3,600 to 4,750 square feet. According to the developer's marketing, only three townhomes remain unsold. The overall redevelopment is billed as a $250 million project.
When will the Lighthouse Point Yacht Club reopen?
Developer Terry Paterson has 40 months to complete the entire site, putting full delivery around early 2030. Construction of the first townhome building must begin within 30 days of the demolition. The new clubhouse will include fine dining, a piano lounge, outdoor tapas bar, gym, spa, and rooftop terrace.
Who owns the Lighthouse Point Yacht Club?
Terry Paterson, founder and CEO of Paterson Project Management, purchased the 10-acre property in July 2017 for approximately $16 million. He is both the developer and the operator, currently serving as the club's interim general manager. Originally from Cape Town, South Africa, Paterson founded his development firm about 23 years ago.
Why was the Lighthouse Point Yacht Club closed?
The clubhouse closed in 2022 after crews discovered asbestos during planning for the redevelopment. The project also faced delays due to permitting issues, financing challenges, and a clubhouse redesign. Despite the closure, club membership continued to grow while members waited for the new facilities.
Local help for buyers in Lighthouse Point
If you are buying waterfront property or tracking what is coming to market in Lighthouse Point, understanding projects like this matters. Working with waterfront real estate agents who know the area makes the process easier. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across Lighthouse Point and Broward County, call (954) 388-7738.
Posted by Larry Mastropieri
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