Beach Inn, Tidemark sold: $6 million, $2 million
by Rick Catlin. Islander Reporter
The Beach Inn resort on 66th Street and the Tidemark property adjacent to the Wachovia Bank, both in Holmes Beach, have been sold to Mainsail AMI Beach Inn LLP.
The Beach Inn sold for $6 million, while the Tidemark property brought $2 million.
Beach Inn was sold by Beach Inn Partners, while Reliance Tidemark LLC sold the Tidemark property.
Joe Collier of Mainsail Development Group LLC of Tampa, the managing partner of Mainsail AMI, announced several weeks ago that his company had purchased Tidemark and Beach Inn in a foreclosure sale. Those financial transactions have now been recorded with the Manatee County Clerk of the Circuit Court.
“This completes the first step in our plans for the two properties,” Collier said.
The Beach Inn will continue to operate as a 12-unit beach rental resort, but will convert to condominium ownership. Plans for the vacant Tidemark property have not yet been finalized, he said, but the goal is to build the property according to the 2001 site plan issued by the Holmes Beach City Commission.
Pine Avenue Restoration LLC of Anna Maria, which includes restaurant-owner Ed Chiles, is a minority partner in Mainsail AMI. Other individuals and groups also have invested in Mainsail AMI, Collier said, including Mike and Elizabeth Thrasher of Anna Maria and the United Kingdom.
Collier credited Chiles’ enthusiasm for Anna Maria Island as a major reason he decided to become involved in the Beach Inn-Tidemark development.
And he hopes to begin vertical construction at the Tidemark property this year, once the marina portion of the property is fully operational. He said he wants to move as “quickly as possible” with construction of the project.
“I’m ready to rock-and-roll,” he said.
Only the marina portion of the Tidemark hotel-condominium-marina project has seen any improvement or construction since the site-plan was approved in August 2001.
For a number of reasons, primarily financial, the property stood nearly vacant since the original developer, Nick Easterling, received site-plan approval.
Easterling ran into financial difficulties and placed the company in bankruptcy in 2003.
Tidemark was purchased by Reliance Partners LLC. When that company ran into financial issues, Mercantile foreclosed on the mortgage and the property was sold to Mainsail AMI as part of Mainsail Development LLC.
“I am really excited to be involved in a project on Anna Maria Island that includes a local component” with local insight and knowledge, said Collier. |
