Connect with us

Know

What’s behind the closure of The Club at Treasure Island

Veronica Brezina

Published

on

A California-based investment firm recently purchased the the Treasure Island Yacht and Tennis Club from an entity owned by Bank OZK. Photos: Facebook.

On Sunday, crowds of young people paraded The Club at Treasure Island’s poolside, listening to live music and sipping on margaritas. Come Monday, the very same club would suddenly and permanently close its doors. 

St. Petersburg businessman Bill Edwards, who purchased the club in 2009, told the St. Petersburg Catalyst that he “sold” the 7.67-acre waterfront property. Edwards did not disclose the name of the buyer. 

The 36,966-square-foot club, located at 400 Treasure Island Causeway, features a wraparound swimming pool with a sundeck, a tiki bar, a dining restaurant, a 47-slip marina, six tennis courts, a fitness center and a venue space for weddings and events. 

The new owner plans to continue to operate the marina. 

The club was originally for members only. In more recent years, the membership model shifted, opening to the general public. 

 

“There was some bad zoning that happened in 1981 that made it really difficult to get the most out of the property. We tried to make it work, but the zoning error was too much to overcome, and we decided to move on,” Edwards said.

“It was a wonderful place while it lasted. We had a lot of fun and built a great community, but ultimately it was at my expense, so while I’ll treasure the memories and friends, I’m happy to move on to other projects.” 

Earlier this year, real estate and debt solutions provider Mission Capital announced the sale of the $15 million loan Edwards secured when he acquired the club. 

The loan was amended in March 2020 for $24 million. It matured in late 2022; however, that is when Edwards filed for Chapter 11 bankruptcy protections. 

At that time, Edwards said the club was “coming out of the pandemic and facing challenges with local government, it was the right business decision.” Edwards had filed a lawsuit against the City of Treasure Island due to an ongoing zoning dispute.

While the property is zoned RM-15 for residential use, the allowable density of the property was stripped and transferred to a neighboring lot, according to Mission Capital. 

An April 2023 appraisal valued the property as-is at $18.99 million and the liquidation value at roughly $13.29 million.

Continue Reading
9 Comments

9 Comments

  1. Avatar

    CW

    November 4, 2023at9:49 pm

    I was going to buy a condo next to it and didn’t because of the outrageously loud DJ. I hope it reopens and does a better job of keeping it community friendly.

  2. Avatar

    Rose Hayes

    August 21, 2023at8:33 pm

    Beautiful place, I hope it can remain. I am sorry for all the issues.

  3. Avatar

    LV

    August 20, 2023at9:05 am

    l live in the condos and good riddance. I hope the club will reopen under much better ownership who will work with the city and the residents not against them.

  4. Avatar

    Xaviar Gray

    August 19, 2023at9:28 am

    I’m 30 and my wife and I spent the last 6 months hanging out at that pool. I hope it opens back up.

  5. Avatar

    J.M.

    August 19, 2023at8:58 am

    TITYC…to me (as a member from 1972.)was at onetime one of the finest tennis clubs this county ever had. A thriving membership..14 tennis courts..celebrity iconic tennis coaches.. such as Don Budge.Harry Hopman.and various wonderful other teaching pros and activities experts.who kept that club buzzing.. it was poor greedy management..who.. thru the years..cost those condo owners their right ..to the perpetual enjoyment of their recreational loves…tennis sailing swimming.dining. socializing with their friends.An ongoing ladies tennis league that always hosted such nice events..That club was…a wonderful place until…now! Im very sorry to read.. the oartys over… for TITYC!

  6. Avatar

    Lisa

    August 19, 2023at7:41 am

    We have gone several times since it went private. Most recently was a few weeks ago. We went Saturday morning for a great brunch. Food was wonderful. Stayed and enjoyed the pool and DJ. It was crowded. Young and old. Lots of little kids. I am sad to see it go. We always had a good time there.

  7. Avatar

    J Geils

    August 18, 2023at10:36 pm

    I belonged to this club and thats not how it went down. And to say crowds of young people ever flocked that pool is either a stretch of the imagination or an outright lie.

  8. Avatar

    Denda

    August 17, 2023at8:43 pm

    Amen to that!

  9. Avatar

    Steve D

    August 17, 2023at5:40 pm

    The disfunctional beach cities lose again; Madiera Beach, Treasure Island, and of course, the always entertaining St. Pete Beach. If local government officials wonder why they keep losing power to the State, I suggest that they simply look in the mirror.

Leave a Reply

Your email address will not be published. Required fields are marked *

By posting a comment, I have read, understand and agree to the Posting Guidelines.

The St. Pete Catalyst

The Catalyst honors its name by aggregating & curating the sparks that propel the St Pete engine.  It is a modern news platform, powered by community sourced content and augmented with directed coverage.  Bring your news, your perspective and your spark to the St Pete Catalyst and take your seat at the table.

Email us: spark@stpetecatalyst.com

Subscribe for Free

Share with friend

Enter the details of the person you want to share this article with.