TREASURE ISLAND – Two famous vacation spots, the Buccaneer Beach Resort and Fargo Motel, are doomed to fall victim to the wrecking ball to make way for a 75-unit condo-hotel.
Jim Loncarski, a local Realtor and Buccaneer Motel owner, said the property closing will be on July 10.
“The motel will be razed,” Loncarski said of the Buccaneer. “There is no date set for the demolition.”
Loncarski was unable to comment further. Calls to David King, owner of the Fargo, went unanswered.
Lynn M. Rosetti, city planner, confirmed that T.I. Group Investments received approval on Feb. 27 to build the 75-unit, five-story condo-hotel where the two motels now stand.
“They met all city expectations,” Rosetti said. “Many older motels and hotels cannot exist due to high land values. A motel owner getting $50-a-night for a room isn’t going to meet the mortgage.”
One stipulation is that the new structure meet specifications of the recently approved land development ordinance. Under that law the city recognizes that the condo-hotel is a “hybrid form” of ownership, considered to be of transit/motel nature and not strictly residential.
The ordinance was designed to protect density requirements mandated in areas where hotels and motels are allowed.
Essentially, the ordinance favors the general public and tourist trade which makes up a good part of the city’s economic base. The law calls for buildings to establish a reservation system for the rental of units, a lobby front desk area and payment of applicable tourist tax collections.
It bans homesteading, time-share or related interests.
Rosetti said the new condo-motel structure meets all city regulations. She noted that although the plans call for 75 units, up to 77 could be included. The five-story building will be 55 feet high and spread over 31 percent of the property. TFive separate lots are involved.
City officials did not know when the razings of the motels would begin or the completion date of the new structure.
Unconfirmed reports say that the famous peg-legged pirate atop the roof of the Buccaneer will be donated to the city.
“That is really up to Mr. Loncarski, who owns it,” Rosetti said.
