Tampa’s Beer Can Island isn’t for sale anymore

TAMPA — Flip-flop is not just the name of popular island footwear.

Three months after putting Pine Key up for sale for $14.2 million and shutting it down to the public, the popular Tampa Bay boating destination better known as Beer Can Island is again open for business and off the market — well, 90% of it, anyway.

“We explored some options with potential interested parties and decided that it was best to move forward at this time,” said Cole Weaver, one of four friends who owns the nine-acre island between Apollo Beach and MacDill Air Force Base.

They nearly closed a deal. Nick Lipidarov told the Tampa Bay Times in April that he planned to purchase Pine Key for the asking price and then add a marina, restaurant and vacation cabins. But Russell Loomis, another of the owners, said they could not come to terms. “We did have a couple other offers. None of them met the price that we were looking for.”

But 10% ownership of the island to still on the market, split into 1,000 shares. Those are available for $1,500 each through beercanisland.net. As of Thursday morning, more than 300 have been sold, according to the website.

Investors will be privy to special events just “for owners’ club members,” Loomis said, and “entitled to profit sharing.”

Loomis previously told the Times that last year they made around $750,000 gross, mostly from a bar and food truck added to the island, and around $550,000 the year before.

The ownership group, which purchased Pine Key more than six years ago for $63,650, will maintain a 90% share of the island that they value at $15 million.

The $1.5 million will be reinvested back into the island. The owners want to install breakwaters on Pine Key’s south and west coasts to prevent erosion plus bring in enough sand to grow it at least another 15 acres. They own 60 acres of submerged land surrounding the island.

They hired an architect to develop renderings of their vision for the island. Those will include added amenities. The owners hope to unveil the plans within a month.

They have also retained a land use attorney. The owners and Hillsborough County have been at odds for five years over what is allowed on the island.

The issue is that Pine Key has never been zoned since it was created by a dredging project 80 years ago.

Hillsborough has argued that the current business model, which includes concerts and private parties, runs afoul of code and created safety concerns.

The owners counter that the county does not have jurisdiction over unzoned land.

Loomis said they hope to work with the county to find an amicable solution.

“One of the reasons that we wanted to sell it is because we’re tired of fighting with the county,” Loomis said. “However, with this team that we’ve assembled, I really do think that we can get it done.”