Taoist Tai Chi Society buys, renovating historic Fenway Hotel

BUYER: TTCS-USA Title Holdings Corp., Tallahassee
SELLER: 1 Avs LLC
PROPERTY: 453 Edgewater Drive, Dunedin
PRICE IN LIEU OF FORECLOSURE: $2.8 million
LAW FIRM ON DEED: Rahdert Steel Reynolds & Driscoll PL, St. Petersburg

PLANS, DESCRIPTION:
The Taoist Tai Chi Society of the United States of America purchased the historic the 79,380-square-foot Fenway Hotel in a deed in lieu of foreclosure for $2.8 million.

The price equated to $35 per square foot, or $437,500 per acre.

The society plans to convert the historic hotel into the organization's national headquarters and an international conference center.

The group has had a location in Dunedin for several years, which Sean Dennison, executive director of the Taoist Tai Chi Society of the United States of America, says alerted the national organization to the opportunity offered by The Fenway.

“This property is a jewel,” he says. “It has amazing architecture right on the intercostal waterway. This is going to serve as a draw for members from around the world. This is a big step for us; the nearest comparable international conference center is in Canada north of Toronto.”

The Taoist Tai Chi Society plans to extensively renovate the property, but no schedule has yet been decided.

The Fenway will replace the society's 5,000-square-foot existing offices in Tallahassee and Dunedin.

As part the purchase, the Taoist Tai Chi Society also paid nearly $109,000 to the city of Dunedin to eliminate liens that had been accruing over the past two years when the Fenway property fell into disrepair.

The Taoist Tai Chi Society has more than 6,000 participants across the United States and 42,000 worldwide.