Pine Key, aka Beer Can Island, a nine-acre uninhabited island in Tampa Bay, is now for sale for $14.2 million, a considerable markup from the $65,000 that four investors paid for it in 2017.
The investors say they’ve spent $5 million on improvements, including adding toilets, a full-sized Tiki bar, a sand volleyball court, and a massive inflatable side. They also spent more than $1 million on lawyers’ fees relating to zoning. Right now, the island doesn’t have any zoning, something the Hillsborough County commissioners are working on.
The island, accessible only by boat, has been a local partying destination for boaters for years. There were no rules, no facilities, no police, and no zoning. And it often was littered with empty beer cans. It’s about half way between MacDill Air Force Base on the west and he Manatee Viewing Center to the east.
The four investors wanted to upgrade it and make it a private club or event destination. At first, they tried to treat it as a truly private island, but that didn’t sit well with people who’ve been partying there for years. The investors then tried a compromise, where they held part of the island as a private club, and left part for anyone else. In the past few years, the private part has been the scene of weddings, family parties, and even concerts.
But the Hillsborough County officials forced the new owners to close the bar; they were worried about how county emergency services could respond to an event on the island. The owners called the island “an extraordinary haven.” A county commissioner called it “an eyesore.” Events have been cancelled while the zoning issues are being worked out.
There are also environmental problems. Last August, the island was under five feet of water during Hurricane Idalia.
Meanwhile, the four owners say they will accept a cash offer for the island, but if you don’t have that, they’ll consider an NFT cryptocurrency exchange.
