Pine Key, often known as Beer Can Island, is once again open for business and off the market three months after being placed up for sale for $14.2 million and closed to the public. Well, 90% of it, anyhow.
The nine-acre island between Apollo Beach and MacDill Air Force Base is owned by Cole Weaver, one of four friends. “We explored some options with potential interested parties and decided that it was best to move forward at this time,” Cole Weaver said.
They were almost in contract. In April, Nick Lipidarov stated to the Tampa Bay Times that he intended to pay the asking price for Pine Key and then build a restaurant, marina, and holiday rentals.
However, another owner, Russell Loomis, claimed they were unable to reach an agreement. We received a few more offers. None of them offered the price we were willing to pay.
Yet, 1,000 shares representing 10% of the island’s ownership are still for sale. You can purchase those for $1,500 apiece on beercanisland.net. The website states that as of Thursday morning, over 300 have been sold.
According to Loomis, investors will get access to exclusive events “for owners’ club members” and be “entitled to profit sharing.”
According to Loomis’s prior statement to the Times, they brought in around $750,000 in revenue last year, primarily from the addition of a bar and food truck on the island, and about $550,000 the year before.
The ownership group, which paid $63,650 for Pine Key more than six years ago, will keep 90% of the island, which they estimate to be worth $15 million.
The $1.5 million will be used to improve the island once more. In addition to bringing in enough sand to expand Pine Key by at least 15 acres, the owners intend to build breakwaters on the island’s west and south beaches to stop erosion. Their 60 acres of flooded land encircle the island.
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To create drawings of their intended island, they engaged the services of an architect. These will have extra facilities. Within a month, the owners intend to reveal the plans.
They have also hired a lawyer for land usage. Regarding what is permitted on the island, the owners and Hillsborough County have been at conflict for the past five years.
The problem lies in the fact that Pine Key, which was formed eighty years ago by a dredging effort, has never been zoned.
Hillsborough claims that the existing economic model, which involves private parties and concerts, violates the law and puts people’s safety at risk.
The owners respond that unzoned land is not under the county’s control. According to Loomis, they want to collaborate with the county to come up with a reasonable answer.
“One of the reasons that we wanted to sell it is because we’re tired of fighting with the county,” Loomis stated. “However, with this team that we’ve assembled, I really do think that we can get it done.”
