- May 9, 2025
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The new ownership of South Seas in Captiva, which is still in the midst of a fight with neighbors over some of its proposed changes, is hosting a grand reopening event Memorial Day weekend. The resort is using the four days later this month, which are tied to a fishing tournament, to unveil some of the changes its already made to the historic property — upgraded dining options, renovated pools, beach services, fitness amenities, The Clutch Golf Course and the Shops at South Seas. But even as it plans its initial victory lap, South Seas is still battling it out with locals who opposes the changes. Both parties testified before a Lee County hearing examiner earlier this year about a zoning proposal for the nearly $1 billion project and, according to an email last week from the Sanibel-Captiva Conservation Foundation, a decision should be announced in about 60 days. Along with the changes and updates its already made, South Sea’s ownership group wants to build 435 hotel rooms across two hotels on the property. The north hotel, which is replacing the former Harborside Hotel, will have 225 rooms. The south hotel will have 210 rooms and replace the former conference center. Plans also call for193 multifamily residential units. Those fighting the changes are opposed to increasing building heights and density which they fear will forever change the character and safety of Captiva.” But what SCCF has in fight, it lacks in confidence. In last week’s email, the group says that, “Judging from their demeanor at the hearings, the applicant and the county seem confident that the hearing examiner will recommend approval of the application.” The South Seas resort property is owned by WS SSIR Holdings, a joint ownership group which includes Timbers Co, Wheelock Street Capital and The Ronto Group. The partnership bought the 330-acre South Seas Island Resort (as it was then known) in 2021 for $50.38 million.
The city of Tampa is moving forward with plans for a major downtown redevelopment project. The focus will be on the north end, between N. Tampa Street and E. Ashley Drive near the onramp to Interstate 275. The city calls it an “area ripe for renaissance” that “will soon undergo a transformation focused on housing and improved connectivity.” Tampa officials announced last week that it had issued Requests for Proposals on four properties totaling about 4-acres it and the Community Redevelopment Agency own. The goal, it says, is to set the land aside for mixed-use development which will include affordable housing. The RFP requires a minimum of 750 units, half of which must be affordable. Among the pieces of property up for redevelopment is the former Army Navy Surplus Market which closed in 2013 and was bought by the CRA for $4.5 million in 2020. The RFPs are due by June 13, the city says.
A 14-acre estate in rural Hillsborough County is up for sale. What makes this property unique — and fit for a column about commercial real estate — is its office and theater. According to the real estate firm with the listing, Premier Sotheby’s International Realty, the house has a “meticulously recreated” Oval Office. The 900-square-foot space is filled with presidential memorabilia and a replica Resolute Desk used in the movie National Treasure. And if politics isn’t your thing, the house also has theater modeled on the historic Tampa Theater. The scaled-down home theater has the look and feel of the downtown movie house, including its classic curtains. The 25,321-square-foot lakefront house is at 11865 Fort King Highway in Thonotosassa. It was built in 2012 and has six bedrooms and 12 full baths. It is priced at $18.9 million. Karen Hegemeier and Paul DeSantis of Premier Sotheby’s International Realty’s South Tampa office are the listing agents.
Affordable housing developer McDowell Housing Partners has completed the first phase of a two-phase development that, when complete, will bring more than 200 affordable housing units to North Port. The recently finished building, Ekos at Arbor Park, is a 136-unit apartment community for people ages 55 and up. To qualify, tenants must make 20% to 70% of the area median income. Rent ranges from $330 to $1,235 for one-bedroom apartments and $385 to $1,471 for two-bedroom apartments. All the apartments are 700 square feet to 946 square feet and include kitchens with granite countertops, tile back-splashes and stainless steel appliances; bedrooms with walk-in closets; in-unit washers and dryers; and tile flooring throughout. Amenities at the $40 million Ekos at Arbor Park include a clubhouse with fitness center, media center and multipurpose room as well as a lanai with outdoor grills overlooking the pool. Tenants also have access to quarterly financial planning courses, quarterly health/nutrition courses and an annual health fair as well as regular social events on-site. Miami-based McDowell to Ekos-branded properties in Naples and Fort Myers totaling 300 affordable housing units.
A California-based real estate firm has negotiated a $9.12 million loan for a Bradenton storage facility built in the past few years. Talonvest Capital recently closed the deal for Strategic Storage Trust VI Inc., a real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT. The loan is for SmartStop Self Storage, an 64,000-square-foot, 800-unit facility at 6424 14th St. W. According to a statement, the five-year fixed-rate financing has two years of interest-only payments. A subsidiary of Strategic Storage Trust VI Inc., purchased the property on 14th Street West in 2023 for $1.35 million. At the time, it was 3.69 acres of vacant commercial land, according to Manatee County property records. Talonvest Capital has closed 40 deals with the insurance company that funded the loan, which featured a step-down prepayment penalty and no ongoing leasing covenants, the statement says.
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