Loading
BUYER: Mainsail AMI Marina LLLP (principals: Joe Collier and Julianne Corlew), Tampa
SELLER: Reliance Tidemark LLC
PROPERTY: 5325 Marina Drive, 5313 Gulf Drive and 5316 Sunrise Lane, Holmes Beach
PRICE: $2 million
PREVIOUS PRICE: $2.3 million, August 2001
SELLER: Beach Inn Partners III LLC
PROPERTY: 101 66th St., Holmes Beach known as lots 1 and 2, block 10, West Wind Shores
PRICE: $2 million
SELLER: Beach Inn Partners III LLC
PROPERTY: 101 66th St Holmes Beach known as lots 4 and 5 and A, block 10, West Wind Shores
PRICE: $2 million
LAW FIRM ON DEED: Kent Runnells PA, Safety Harbor
PLANS, DESCRIPTION: Tampa-based developer Mainsail Development Group LLC purchased the mortgages for the Tidemark Lodge and Marina development and the Beach Inn from Mercantile Bank for $8.25 million and took ownership in lieu of foreclosure of the two waterfront properties.
Twelve of the Beach Inn's planned 14 units have been completed, and the remaining planned two units and amenity level sit on a separate pad. The Tidemark's 62-slip marina is also completed and a 40-unit lodge is planned.
“First, this was a good project because it fit into our wheelhouse [of experience], which is lodging and development,” says Joe Collier, partner of Mainsail Development Group.
“The marina and beach properties fit just perfect with what we do. Second, it was a really good rate,” Collier says.
“Judging it just on the cost, we probably picked it up for 30 cents on the dollar,” he says. “Plus, we knew we could get the Beach Inn and the marina up and running relatively quickly and have that immediate cash flow.”
The new ownership plans to sell the Tidemark Lodge units as condominiums not as fractionals, which Collier says caused trouble for the former because of its higher sales threshold. Collier expects to start development on the lodge next year after making some changes to the interior.
The developer mortgaged the properties to South East Personnel Leasing Inc. for $3.5 million. Mainsail Development Group also raised $2.5 million from various investors, including Anna Maria Island businessmen Ed Chiles and Michael Coleman's Pine Avenue Restoration LLC.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
