Atlantic Marina Holdings, based in Charleston, S.C., has paid $22.5 million for the Tierra Verde Marina Resort in south Pinellas County. The resort, once a ’60s-era getaway for Frank Sinatra, Liberace and other celebrities, fell into disrepair and sat vacant for years. The facility was redeveloped with a new pool, tiki bar, restaurant and marina with a total of 515 slips. Future plans include more boat slips and a boutique hotel. The acquisition marks the third for the firm in Florida, having purchased the PGA Marina in Palm Beach Gardens and the Fort Lauderdale Boatyard and Marina in Fort Lauderdale. Both properties are being redeveloped and will be completed in 2018. The facility will be managed by AMH Management.
“We are pleased to add the newly redeveloped Tierra Verde Marina Resort to our growing portfolio of Class A Marina properties,” Atlantic Marina Holdings principal Joe Miller said in a statement. “The purchase of Tierra Verde Marina Resort is in keeping with our strategic goal of investing in high barrier to entry ‘core” markets in Florida and the Southeast. This project is on unique real estate and the marina has just been rebuilt from the ground up, with an excellent physical plant and attractive amenities”
