Ocean Properties Hotels and Resorts buys vacant Treasure Island land

BUYER: Treas Island LLC, Portsmouth, N.H.
SELLER: Heritage Bank
PROPERTY: 10770, 10780, 10790, 10800, 10810 and 10836 Gulf Blvd., Treasure Island
PRICE: $6 million
PREVIOUS PRICE: $16.2 million, December 2007

LAW FIRM ON DEED: Gibbons Neuman Bello Segall Allen & Halloran PA, Tampa

PLANS, DESCRIPTION:Ocean Properties Hotels and Resorts purchased 1.59 acres of vacant land on Treasure Island south of the Treasure Sands Condominium for $6 million.

The price equated to $3.78 million per acre.

The property, which has beachfront on the Gulf of Mexico, previously housed the former Ben Bow Apartment Motel, also known as the Buccaneer II. The property was cleared in 2005. Starting in 2007, former owner Treasure Island Property Development LLC proposed developing an upscale hotel on the property. However, the hotel project was never built. Northwest Commercial Bank, which has since become part of Heritage Bank, acquired the property through a deed in lieu of foreclosure in March 2012 for $7 million.

Calls to Ocean Properties for comment were not returned prior to deadline.

Ocean Properties already owns the Residence Inn by Marriott St. Petersburg / Treasure Island Beach at 11908 Gulf Blvd., Treasure Island.