No details yet on contract for Eldred’s from national broker

The Eldred’s Marina is under contract.

“It is true,” said Michael Fay, chairman of the U.S. Capital Markets group Executive Committee of the brokerage Avison Young Global.

Fay, of Miami, was not at liberty to say who the buyer was, but did confirm that he had put it as “under contract” in national databases. He was looking to at least six weeks before they might be able to release information about the purchaser.

The property was listed by the national brokerage in March 2024, for a reported $40 million asking price. It is 12.1 acres. The property is zoned CT, for commercial tourist. This allows a wide range of commercial activities that might be seen at a mixed-use waterfront site from tourist related to hotel to auditorium to retail. That zoning includes 15 units per acre of residential, which can be based on the “gross acreage” of the site. 

Local brokers are watching the property closely, but say that the challenge for any developer is that while the property is valuable, and has impeccable views and water access, the height limits make density a challenge.

The site is both a critical access point for residents of Little Gasparilla Island, as well a tourism and recreation destination. It is also at a key entrance point to Gasparilla Island.

Unconnected but adjacent to Eldred’s, there is work next door at Placida Park, where the boat ramp is closed temporarily for repairs. That boat ramp, and boat parking, will reopen July 20.

The county is working on a separate design plan for their property to the west of the park, where there will be expanded parking and kayak access. Plans are expected to be complete at the end of the summer.

The $7 million project, which is funded by the one percent local-option sales tax, includes a two-lane boat ramp, a kayak launch, additional parking for both vehicles and boat trailers, asphalt ADA parking and restrooms.