Centennial Bank closed a $6MM permanent loan with Dolphin Reef, LLC this month. The company’s principals are Shawn, Les and Gail Byrne, who are long-term residents of Treasure Island, with extensive real estate ownership and development experience in the area. Centennial Bank, a customer-focused community bank, arranged the first mortgage loan for FUSION Resort Treasure Island, a new 42-suite intercoastal waterfront luxury resort on Treasure Island. The property’s two- and three-bedroom modern suites range from 1,031 square feet to 1,714 square feet and are equipped with a full kitchen, living room and waterfront views. The property also features 18 boat slips for resort guests, as well as quality food and beverage options. This is the only hotel of its kind on Treasure Island, meeting the need for a ‘Class A’ property in the market that caters to the area’s year-round visitors.
Treasure Island has long been a highly frequented vacation destination along the Gulf of Mexico, due to its miles of white sandy beaches, water sports and activities, and proximity to St. Petersburg and Tampa. Drawing more than 11 million visitors between Q1 – Q3 2019, the area boasts a thriving tourism sector bringing in more than $4 billion of visitor spending during the same time period.