TradeWinds Island Resorts buys land for parking, future development

BUYER: RIA-Coral Reef Inc., St. Pete Beach
SELLER: 5800 Gulf Holdings LLC
PROPERTY: 5800 Gulf Blvd., St. Pete Beach
PRICE: $9.5 million
PREVIOUS PRICE: $7.3 million, November 2004
LAW FIRM ON DEED: Shutts & Bowen LLP, Orlando

PLANS, DESCRIPTION:
The TradeWinds Island Resorts purchased a 4.4-acre parcel, known as the Coral Reef property, for $9.5 million.

The price equated to $2.16 million per acre.

The land is located adjacent to the TradeWinds Island Grand Resort.

TradeWinds Island Resorts includes TradeWinds Island Grand and Guy Harvey Outpost — A TradeWinds Beach Resort, as well as the new Guy Harvey RumFish Grill that opened earlier this year.
The property will initially provide additional parking for hotel employees, which should free up parking for Guy Harvey for RumFish Grill patrons. The new ownership says its future development plans for the site have yet to be determined.

“We've enjoyed a very high level of patronage at Guy Harvey RumFish Grill since opening about six months ago, so the extra parking will be a welcomed addition,” TradeWinds Island Resorts CEO Tim Bogott says in a press release. “Beyond the expanded parking, this acquisition opens the door to future development options for TradeWinds depending on what the city plan will ultimately allow.”