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Condo slump slows developer only slightly
The creator of two condo-hotel projects is still selling and building.
By PAUL SWIDER, Times Staff Writer
Published December 30, 2007
TREASURE ISLAND - Though his project came on the market at the worst of times, Bill Fields is undaunted about the prospects for Treasure Bay Hotel and Marina. "Our purchasers are second-home buyers, vacation purchasers, people with discretionary income, so they're not as impacted by the market downturn," Fields said of those interested in the condo-hotel project. Still, the overall market doldrums do drag on the project, a conversion of a motel at 11125 Gulf Boulevard in Treasure Island. Treasure Bay is operating as a hotel, Fields said, which it will be after there are individual owners. He said he has contracts on a third of Treasure Bay's 84 units and will start closing them early next year. Fields would have started closing deals already but for a dispute over the marina portion of the project. He said the city wanted to treat his 12 boat slips as a commercial facility, not a residential amenity. In a show of confidence, Fields continues to construct another condo-hotel project down the street, the Crystal Palms Resort at Capri, a 36-unit building at11605 Gulf Blvd., the site of the former Gulf Golf miniature golf. Field said that he has reservations on ahalf-dozen units at Crystal Palms, with prices hovering around $375,000 for the one-, two- and three-bedroom units.
[Last modified December 29, 2007, 22:38:05]
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by Sam
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01/01/08 03:28 AM
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The only Treasure Bay that most all the people in Treasure Island know is "Treasure Bay Golf and Tennis" which is owned by the city. Mr. Fields misappropriated the name.
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by Dan
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12/31/07 05:20 PM
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Lots of people had "contracts", lets see how many actually close. As if the 2nd home buyers are dumb and can't recognize that buying as the market continues its downward slide is a bad idea.
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