An empty island off the coast of Tampa has hit the market for $14.2 million, six years after a group of friends bought it to use as a parking spot for their floating tiki bar.
Pine Key, better known as ‘Beer Can Island’, officially closed to the public in February. Located at the north end of Longboat Key, the island is situated between MacDill Air Force Base and Apollo Beach.
It is the brainchild of four dedicated investors who invested approximately $5 million in renovations to the property after purchasing it in 2017.
While originally intended as a place to anchor your floating Tiki bar, the island has hosted weddings, parties and concerts with thousands of attendees.
“We are grateful for the great support we have received from the community and our members over the years, but all good things must come to an end at some point, and for us, that time is now,” said majority owner Cole Weaver. he said in a press release.
A Florida island billed as ‘Beer Can Island’ has hit the market for $14.2 million, six years after investors bought it for just $65,000.
The island, formally known as Pine Key, officially closed to the public in February.
Four investors (Russell Loomis, James Wester, Cole Weaver and John Gadd) invested approximately $5 million into the property for renovations.
Before Weaver and his partners took it over, the island was a popular party spot for locals. After informal meetings, her sands were dotted with beer cans, hence the nickname.
Six years ago, Russell Loomis was inspired by the story of Richart Sowa, a British artist who created an artificial island using thousands of plastic bottles.
The tech developer and Wisconsin native, who moved to Tampa in the ’90s, decided he wanted to do the same.
So he recruited his friend of two decades, James Wester. With experience in club promotion and subcontracting, Wester, also known as ‘DJ West’, seemed the ideal business partner.
Then along came Weaver, a friend of a friend. The trio built the bar out of 258 plastic barrels atop a motorized platform.
They began looking for a parking spot for their for-profit project, which became a rental party venue, and settled on Pine Key.
The partners approached Imperial Island, the company that owns the island, to inquire about leasing part of the island. Renting was not an option, but buying was.
At the time, the 9-acre island was appraised at just $63,650, less than half of what it cost to put together its floating bar.
The island was a popular party spot for locals before it was converted into a private event space, hosting weddings and even concerts.
The project began when Loomis aspired to build a floating tiki bar in 2017, but needed a place to attach it.
Weaver, the third investor to join the project, believes that development opportunities on the island are “extremely rare.”
Investors added bathrooms, thatched cabins, a water slide and a full bar.
Hillsborough County officials expressed concerns about the land’s suitability for wildlife and the Hillsborough County Sheriff’s Office to respond to emergencies on the island.
The investors hired club promoter John Gadd as a fourth financial partner and closed on the property that year. The sale was completed on December 22, 2017.
They proceeded to add bathrooms, thatched-roof cabanas, a water slide, and a full bar, envisioning a private destination for partygoers.
But Hillsborough County officials quickly objected, arguing that the pristine land should be used as a nature preserve for local species like manatees rather than a place to host events.
They ordered the bar closed and expressed concern about the Hillsborough County Sheriff’s Office’s ability to respond to emergencies on the island.
However, since the property had never Officially zoned before its sale, the new owners were granted a considerable degree of autonomy under state law.
The 9-acre island is also caught in the middle of an ongoing zoning battle.
It was valued at just $63,650 at the time of its sale, less than half of what it cost investors to set up their floating bar.
The island is located between MacDill Air Force Base and Apollo Beach, off the coast of Tampa.
“All good things must come to an end at some point, and for us that time is now,” Weaver said.
Similar concerns were raised during a planning commission meeting in March of last year, when Commissioner Steven Fernandez asked the Florida Department of Environmental Protection to express concerns about the impacts of future development.
A citizen advisory member described the area as “vulnerable” due to its “continuous” erosion. Further concerns were raised about its suitability for wildlife, with analysts arguing that this had been “discontinued”.
The fight will have to be taken up by the next owner, as the zoning battle continues.
But for those who dare to do so, the island offers a “unique opportunity for innovation,” according to the press release.
This could mean an exclusive retreat for private property buyers, corporations or international investors.
“This opportunity is extremely rare, as Pine Key is one of the only privately owned islands in Tampa Bay,” Weaver said.