Vacant island off the coast of Tampa known as ‘Beer Can Island’ goes on the market for $14 MILLION – just six years after investors bought it for $65,000

A vacant island off the coast of Tampa that earned the nickname “Beer Can Island” has hit the market for $14.2 million, six years after investors bought it to use as a parking lot for their floating tiki bar.

Pine Key, better known by its nickname, was officially closed to the public in February. The island is located on the northern tip of Longboat Key, between MacDill Air Force Base and Apollo Beach.

It is the brainchild of four dedicated investors who invested approximately $5 million into renovating the property after purchasing it in 2017.

Although it was originally intended as a place to anchor their floating Tiki bar, the island has hosted weddings, parties and concerts with thousands of attendees.

“We are grateful for the outpouring of support we have received from the community and our members over the years, but all good things come to an end at some point, and for us that time is now,” said majority owner Cole Weaver . said in a press release.

The island, formerly known as Pine Key, was officially closed to the public in February

Four investors – Russell Loomis, James Wester, Cole Weaver and John Gadd – have poured an estimated $5 million into the property for renovation

Before Weaver and his partners acquired it, the island was a popular party spot for locals. The sand was littered with beer cans after the informal gatherings – hence the nickname.

Six years ago, Russell Loomis was inspired by the story of Richart Sowa, a British artist who created an artificial island using thousands of plastic bottles.

The Wisconsin technology developer, who moved to Tampa in the 1990s, decided he wanted to do the same.

So he recruited his friend of twenty years, James Wester. With experience in nightclub promotion and subcontracting, Wester, also known as ‘DJ West’, seemed the ideal business partner.

Next came Weaver, a friend of a friend. The trio constructed the bar from 258 plastic barrels atop a motorized platform.

They started looking for a parking spot for their profitable project, which became a party venue for rent, and settled in Pine Key.

The partners contacted Imperial Island, the company that owned the island, to inquire about leasing part of the island. Renting was not an option, but buying was.

At the time, the 9-acre island was valued at just $63,650, less than half of what it cost to put together their floating bar.

The island was a popular party venue for locals before being converted into a private event space, hosting weddings and even concerts

The project began when Loomis had ambitions to build a floating tiki bar in 2017 but needed a place to dock it

Weaver, the third investor involved in the project, calls the development opportunities on the island ‘extremely rare’

The investors added bathrooms, thatched-roof cabanas, a water slide and a full bar

Hillsborough County officials raised concerns about the suitability of the land for wildlife and the Hillsborough County Sheriff’s Office to respond to emergencies on the island

The investors brought in club promoter John Gadd as a fourth financial partner and closed on the property that year. The sale was completed on December 22, 2017.

They then added bathrooms, thatched-roof cabanas, a water slide and a full bar, envisioning a private destination for partygoers.

But Hillsborough County officials quickly backed down, arguing that the pristine land should be used as a wildlife sanctuary for local species such as manatees rather than as a place to host events.

They ordered the bar closed and raised concerns about the Hillsborough County Sheriff’s Office’s ability to respond to emergencies on the island.

However, as the property had never done officially zoned before the sale, the new owners were given a significant degree of autonomy under state law.

The 20-acre island is also in the middle of an ongoing zoning battle

It was valued at just $63,650 at the time it was sold, less than half of what it cost for the investors to put together their floating bar.

The island is located between MacDill Air Force Base and Apollo Beach, off the coast of Tampa

“All good things come to an end at some point, and for us that time is now,” Weaver said

Similar concerns were raised at a planning commission meeting last March, when Commissioner Steven Fernandez asked the Florida Department of Environmental Protection to raise concerns about the impacts of future development.

The area was called ‘vulnerable’ by a citizen advisory member due to ‘continuous’ erosion. Other concerns were also raised about its suitability for wildlife, with analysts claiming this was ‘disrupted’.

The battle will have to be waged by the next owner, as the battle for the zoning plan is still ongoing.

But for those who dare, the island offers a “unique opportunity for innovation,” according to the press release.

This could mean an exclusive haven for private property buyers, companies or international investors.

“This opportunity is extremely rare as Pine Key is one of the few privately owned islands in Tampa Bay,” Weaver said.