Tidemark joins Beach Inn with fractional ownership
|A drawing by Emily Anne Smith of the planned structures at the Beach Inn shows a tropical flavor. The units will be marketed as "fractional" ownership, according to Lance McNeill of Reliance Property Group, developers of both Tidemark and the Beach Inn.
Officials of the Tidemark Resort and the Beach Inn announced an agreement last week that involves combining the two properties and allowing fractional ownership of some of the units.
The two properties will be marketed under Tidemark Resorts, said McNeill, and will have fewer owners than traditional vacation clubs.
McNeill said fractional ownership is not the same as a time share because fractional properties are deeded.
Each owner will get a one-eighth deeded interest with no less than six weeks of ownership privileges. Units can be sold, willed or placed in trust. McNeill said owners can trade their allocated weeks with another owner.
Tidemark Beach Residences will be at the Beach Inn, while Tidemark Marina Residences will be at the Tidemark Lodge, located adjacent to the Wachovia Bank in Holmes Beach and by the city's boat basin that runs along Marina Drive. The Beach Inn is located at 6600 Gulf Drive in Holmes Beach.
McNeill said fractional ownership of the beach units start at $122,000, while the marina units will begin at $169,500. Entire ownership of a unit is available and there will be an optional rental program.
The Tidemark Beach Residences will have 17 units, while the Tidemark Marina and Lodge will put up 30 of its planned 40 units for fractional ownership.
Sean Murphy, owner of the Beach Bistro restaurant next door to the Beach Inn, is involved in a partnership with the Beach Inn and Tidemark.
McNeill said the use of the Tidemark property by the city boat basin will not change, despite the fractional ownership.
In August 2001, the Holmes Beach City Commission gave approval to Nick Easterling of Tidemark to construct a 40-unit hotel/marina/condominium on the site.
Easterling subsequently ran into financial difficulties and went into voluntary bankruptcy in January 2004. The company emerged from bankruptcy in late 2005 with the Reliance Property Group headed by Ken Dardis as the new owner.
New seawalls at the Tidemark site have been constructed and utilities and construction "footings" have been put in place. McNeill said vertical construction is scheduled to start soon.
"We're ready to go," he said.
Holmes Beach resident and contractor Steve Titsworth will be handling the construction requirements.
But Holmes Beach building official Bill Saunders said he's not seen any application for a construction permit and any change of use of the Tidemark marina property would have to be reviewed by the city attorney.
"I don't know how fractional ownership is going to work. They haven't approached me yet," he said.
Tidemark's site plan approval was for a hotel/condominium/marina.