Island 'paradise without an attitude'

Developer of Tidemark fractional-ownership resort says he chose Anna Maria because of its laid-back nature

Herald Tribune - by Stephen Frater
Published Monday, March 17, 2008 at 4:36 a.m.

ANNA MARIA ISLAND — Developer Lance McNeill describes his new Tidemark resort project as "paradise without an attitude."

The project includes the former Pete Renard's restaurant and Eckerd drugstore site together with the Beach Inn at Gulf Drive and 66th Street.

It also includes a 62-dock marina and Tidemark Shoppes, an eight-store shopping mall.

"We chose Anna Maria Island, in part, because it's all about laid-back enjoyment of the beaches, restaurants, boating, fishing and family activities," said McNeill, a partner in Reliance Realty Partners.

Tidemark Resorts Beach & Marina Residence Club is a fractional ownership community of 15 beach residences next to the well-known Beach Bistro restaurant on Gulf Drive as well as 30 marina residences on Marina Drive.

Reliance Realty Partners, based in Stamford, Conn., and Lakeland, has invested more than $30 million in Tidemark to date, McNeill said.

Construction is under way on the first phase, with completion of the first residences slated for July and units ready for occupancy in September.

Prices for one-eighth ownership start at $190,000 for two-bedroom beach residences and $280,000 for three bedrooms. Marina residences start at $155,000.

Tidemark's form of fractional ownership -- marketed under the Equity Residence Club name -- grants fee simple, deeded ownership with the residences and accompanying amenities available on an unlimited basis, subject to reservations.

"The Equity Residence Club concept is much like an equity golf club membership, where members own a share of the club and use the golf course as often as they want, subject to availability of tee times," McNeill said. "Each owner pays one-eighth of the costs for the residence, insurance, property taxes and services, while use of these facilities is often much more than one-eighth of the time."

Fractional ownership is the centerpiece of the planned Hyatt beach resort on Siesta Key, a $100 million, 44-unit project.

In Tidemark's case, the fractional set-up provides owners access to boats -- ranging from flat fishing boats to high-end yachts -- and the ability to play golf and tennis at the Donald Ross-designed Bradenton Country Club.

Reliance has teamed with Chicago-based DCP International, which sells and markets Equity Residence Clubs.

"We like fractional ownership for Tidemark because second-home ownership can be more hassle than pleasure, even under the best economic conditions," said Jeff Heilbrun, DCP's executive vice president and chief operating officer. "Fractional ownership relieves owners of housekeeping worries."

There is no rental program in the Tidemark model.

"That allows more flexible use for our owners," McNeill said. "They can stay as often as they want, subject to availability. We can even offer the use of multiple residences at the same time, with owners paying only a small housekeeping fee for each additional residence."

The club will allow unaccompanied guests to use the amenities as well.

Tidemark is a member of the Elite Alliance, an international exchange program that includes properties from Florence, Italy, to PGA West in Palm Desert, Calif.

"While our owners are typically second-home buyers with an affinity for our specific club locations, we established this exchange program so that those who travel on occasion can leverage their ownership," Heilbrun said.

McNeill estimates the value of the completed project at close to $100 million, including the private residence club memberships, marina, lodge and Tidemark Shoppes.

Since the inception of Reliance Realty Partners in 1997, McNeill and partner Ken Dardis have developed and invested in commercial real estate projects with a combined value of more than $250 million.

The company is now developing commercial site plans for more than 2 million square feet of space and approximately 1,200 units of mixed-use residential units in New York, Connecticut and Florida.