Saturday, March 20, 2010

Commercial real estate developments in Clearwater, Florida

Two substantial commercial real estate developments have been approved during March by the City of Clearwater, Florida. Both involve additional housing. One project also brings more retail and restaurant space. Both developments will transform sites that have been unused for several years and are considered eyesores.

Pine Berry Senior Limited Partnership plans to build 85 units of affordable senior housing on the site of the former Rainbow Lanes bowling alley at 1225 S. Highland Ave. This will be a four-story building with laundry room, community room, library, computer resources room, picnic area and emergency call service. Total project cost is estimated at $15,859,959. Clearwater is putting up $545,000 for 30 years at 3% and 5 years of deferred payments. Other funding comes from a variety of sources. Expected completion is the summer of 2011. Estimates of tax revenues from the project ranged from $13,000 to $70,000 per year. Pine Berry is experienced at building senior housing.

Nickel Plate Properties, Inc. plans to develop the former Lakeside Mobile Home Park. This 30-acre site fills the area between Gulf-to-Bay and Druid on the west side of Belcher. The plans, backed unanimously by city officials, call for 240 apartments and 83,000 square feet of retail and restaurant space. Because of its size this project also needs the approval of the Pinellas County Commission and the Florida Department of Community Affairs. The proposal is significantly smaller than the maximum allowed under current zoning for the property. The retail space would get one new entrance on Gulf-to-Bay and one new entrance on Belcher. The apartments would get three gated entrances along Druid. Shoppers would not be able to exit onto Druid. Cost of this project has not been made public.

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