Clearwater / Gateway / Northern Pinellas Development News

[Jasonhouse]

lol...

[multifamilyinvestor]

Source: http://www.sptimes.com/2007/01/29/No...ying_to_.shtml

Developers trying to lure customers into soft market
By MIKE DONILA
Published January 29, 2007


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CLEARWATER - Bulldozers and cranes are again making noise along Clearwater Beach, as builders work to complete major condominium projects they started years ago when the market was booming.

The sales centers, too, are coming online, and some developers are trying new things to lure customers and secure funding a little quicker.

They're discounting prices for early bird buyers, offering upgrades at cheaper rates and throwing in other incentives such as extra parking spaces.

Some developers say this is common. But others in the real estate world say the extras reflect a soft market that's oversaturated with condos.

"Before, developers didn't have to cooperate with brokers because there was such a plentiful supply of buyers," said David Little, a real estate agent and redevelopment chairman for the Clearwater Beach Chamber of Commerce. "But when the buyers are few and far between, the developers have to attract them to the market."

Some developers, however, have their own reasons for the incentives.

From his newly remodeled sales center, businessman-turned-developer Uday Lele said he's cutting 20 percent off the price for the first 50 buyers in his massive Enchantment beach development. That's a hefty discount, he said, for a condo that can cost up to $2-million.

Also, Lele said, he'll throw in an extra parking space, another $50,000 to $70,000 savings.

The Enchantment, a 90-unit complex shaped like an open butterfly, was supposed to break ground this summer. But Lele reduced the size of some rooms, a move that saved him about $9-million in construction costs.

"I wanted to pass the savings along to my customers," Lele said.

Other condo projects - some in downtown St. Petersburg - are also offering specials. Among them:

- Steve McAuliffe, with JMC Communities, said his company is offering preconstruction costs for condos at the Marquesas on Clearwater Beach and Ovation in St. Petersburg. The vice president of sales and marketing said the first 74 units at Marquesas will cost buyers $70,000 to $200,000 less if they buy now. He said the sales office, which opened in November, has made about 20 sales for condos that start in the mid-$700,000s and go up to $1.7-million.

- JMC is also offering preconstruction rates and "decorator allowances upwards of $100,000" for condos at Ovation.

- Kirit Shah, president and CEO of Kiran Grand Resort & Spa on Clearwater Beach, said the development has preconstruction rates, and the savings will fluctuate depending on the market. He said more incentives could be offered later. Shah said so far, "we're doing okay," selling beach condos from $350,000 to $1.9-million.

- NJR Development president Neil Rauenhorst said his Aqualea Resort and Residences on Clearwater Beach will have pre-construction prices "for a certain portion of this year." The rooms, 250 condo-hotels and 18 condominiums, cost between $500,000 and $5.5-million.

Condo sales throughout Pinellas County have struggled, especially along Clearwater Beach, which lost thousands of hotel rooms to make way for a number of high-end developments.

Developers say they've had trouble getting customers because of high taxes and rising insurance rates, and that increasing construction costs also delayed many of these projects.

This is a far cry from two years ago, when sales were so hot that buyers were flipping units, sometimes a day after buying them.

"At this point, it's a function of the market," said Shah, who is partnering with entrepreneur and philanthropist Dr. Kiran Patel. "When the market is soft, some developers discount it further."

McAuliffe said JMC has always offered the preconstruction pricing incentive because it sells units faster. He said prices are later raised "accordingly throughout the life of the sales process."

"We have to typically meet a percentage of presales before the bank will release any funds (in order to build)," he said. "You always want to try and meet pre-sales as quickly as you can to begin construction."

[Last modified January 29, 2007, 01:16:47]

[multifamilyinvestor]

Also - I updated the front page to have the link to "The Enchantment" Web site

[Dale]

Maybe a portent for Daytona Beach, which similarly has block after block of delayed projects.

[Dale]

Sounds like things are finally percolating a bit on Clearwater Beach.

[Jasonhouse]

It's good to hear that there is some quantity of sales, not total deadness (which of course it isn't)... That means it is inevitable that some number of projects will get built, since the market for them is already established. At worst, it is a matter of who can afford to wait out the other developer, and then capture the lost sales of the one who drops out.

And on the good side, if a bunch of these projects die, then that gives the city of Clearwater a chance to make some zoning tweaks, and get things done right, before even more of their tourist economy gets levelled for snowbird hideaways.

[Tallaman]

It's funny how public perception is that the market is nearly dead, and the article implies that with its reference to "years ago when the market was booming." In actuality, the market boomed for a couple of years when investors got heavily involved in real estate, and has now corrected back 2003 levels plus a modest increase. The demand is till there, it's just back to normal, not booming. Starting now and in the future, demand will be driven by the retiring baby-boomer population bulge, and that demographic will get larger in the years to come. My expectation is that demand for housing in Florida will grow with it. The wild cards are insurance rates and tax inequities and their impact on demand. For the most part, many of these projects will come to fruition if the developers have the staying power to wait out the demand correction. My two cents worth...

[multifamilyinvestor]

I agree.. We see eye to eye on this issue

[FloridaFuture]

East gateway to be discussed at local meeting
By TIMES WIRES
Published March 8, 2007


CLEARWATER

The city will host a community meeting to discuss the East Gateway community at 6 tonight at Achieva Credit Union, 1499 Gulf-to-Bay Blvd. City leaders, residents and businesses will discuss the city's progress in developing an action plan for the neighborhood, the overall vision for East Gateway and the proposal for transitional and affordable housing by the Clearwater Homeless Intervention Project. East Gateway is bordered by Court Street, Cleveland Street, Missouri Avenue and Highland Avenue and is part of the Community Redevelopment Area District. Call (727) 562-4056.


http://www.sptimes.com/2007/03/08/No...to_be_di.shtml

[TampaMike]

Marina Dunedin
rendering soon
www.marinadunedin.com

Sterling Dunedin
rendering soon
www.stirlingdunedin.com

[Jasonhouse]

Man, too bad we don't have a Clearwater res to take pics...

[TampaMike]

Originally Posted by Jasonhouse

Man, too bad we don't have a Clearwater res to take pics...

Yeah........

Hey. anyone know what the tower next to the new bridge in Clearwater is? I went to Opus Development to see, since it had a big sign saying "OPUS" on it, but found nada!

[FloridaFuture]

^It's Wateredge, the rendering and site are on the first post.

[TampaMike]

Originally Posted by FloridaFuture

^It's Wateredge, the rendering and site are on the first post.

Yeah, that is what I thought it was, seeing the Library in the rendering, but just felt like asking.

I must say, I like what they did by making Myrtle St. (not sure if I'm saying that right) into Alt. 19 so we can have more lanes coming from the North. 2 thumbs up

[I-275westcoastfl]

Originally Posted by Jasonhouse

Man, too bad we don't have a Clearwater res to take pics...

I am a clearwater resident unfortunately but i just posted a whole load of pics of dt clearwater from my camera phone. Really the only two highrises going up are station square and wateredge, also its kind of intresting how they are tearing up Cleavland St and making the sidewalks wider and adding plants. As far as the two dunedin projects i could probably get pics of that since i drive to Dunedin every school day, i would just need to find out where those projects are.

[TampaMike]

Originally Posted by I-275westcoastfl

I am a clearwater resident unfortunately but i just posted a whole load of pics of dt clearwater from my camera phone. Really the only two highrises going up are station square and wateredge, also its kind of intresting how they are tearing up Cleavland St and making the sidewalks wider and adding plants. As far as the two dunedin projects i could probably get pics of that since i drive to Dunedin every school day, i would just need to find out where those projects are.

One is by the marina and the other is right behind the buildings when you are coming from ALT. 19 and heading to Clearwater

[FloridaFuture]

It's solid to see a public downtown dock project get a federal grant.

Boat slip plan gets $1M grant
By MIKE DONILA
Published April 11, 2007

Clearwater has won a $1.2-million federal grant that will save the city more than $2-million as it builds the downtown boat slips voters recently approved.

The U.S. Fish and Wildlife Service approved the grant - one of nine totaling $9.4-million awarded for "boating infrastructure." Clearwater, of the 32 cities that applied, was the only Florida city to receive a grant.

"It's a huge shot in the arm," Mayor Frank Hibbard said, "and it says a lot about the quality of the project."

The city plans to build 129 floating concrete boat slips, a promenade, boardwalk and fishing pier near Coachman Park. Rentals fees are expected to pay for much of the project and its operations. The slips also will offer some free mooring. Voters last month signed off on the project.

The grant will be used to reduce the amount of money the city will borrow to finance the project. The city had planned to borrow $10.95-million, a debt that is expected to cost $18.9-million to repay over 20 years. Because of the grant, the city now plans to borrow just $9.64-million, with a total payback estimated at $16.6-million.

The city will still use $1-million in property tax money earmarked for downtown improvements to fund the project. The money comes from taxes generated within the city's redevelopment district, which includes the area where the slips are proposed.

The city didn't figure the grant into the overall plan because "we didn't want any finger pointing if it didn't go through, said Finance Director Margie Simmons.

City leaders say the grant sends a message to the naysayers who argued that the project will cost too much and siphon from the general fund.

Still, some are not backing the project.

"I'm pleased for the sake of the people of Clearwater that the city has gotten the grant. That means we don't have to subsidize the boat slips as much as we thought," said Anne Garris, spokeswoman for Save the Bayfront, which opposed the plan.

To secure the grant, Clearwater had to prove at least $4-million of the project would benefit transient boaters, "the folks who travel from marina to marina, or access the downtown by water," said Bill Morris, the city's marine and aviation department director. Such examples include side ties, restrooms and laundry facilities.

"This grant goes to show that there really is a lot of federal support for the boating industry and the importance of boating," Morris said.

[Last modified April 10, 2007, 21:02:42]

http://www.sptimes.com/2007/04/11/No...n_gets_1.shtml

[multifamilyinvestor]

Source: http://www.tbo.com/news/metro/MGB1G2C7N0F.html


Clearwater Hopes Projects Will Boost Downtown
Skip directly to the full story.
By STEVE KORNACKI The Tampa Tribune

Published: Apr 18, 2007

CLEARWATER - Mayor Frank Hibbard stood along the harbor beneath the new Memorial Causeway Bridge, staring at the waterway dotted with sailboats and power boats.

"Right now, there is nobody down here. Not one person," he said, shaking his head. "It is one of the most beautiful spots in Tampa Bay. That has got to change."

Hibbard thinks that it will, through several developments that are under way or scheduled in the listless downtown that is the gateway to Clearwater Beach. He also is pondering the possibility of a restaurant-retail complex on the land now occupied by Harborview Center overlooking the waterway.

"There is no silver bullet to shoot," Hibbard said. "If there was a silver bullet, we'd have shot it by now. It's a matter of a lot of different things coming together."

Beth Coleman, president and CEO of the Clearwater Regional Chamber of Commerce, calls the 26-floor Water's Edge condominiums under construction on the bluff above the harbor "the cornerstone" to downtown's revitalization.

In addition, a referendum passed in March will allow the city to put 129 boat slips in the harbor, and a $9 million streetscape project is scheduled for completion in December.

The streetscape will bring wider sidewalks with pavers suitable for outdoor cafes, storm drainage, lampposts, artwork, palm trees, shrubs and flowers to four blocks of Cleveland Street near the harbor.

Just to the east, the Station Square and Clearwater Centre residential-retail projects are under way on Cleveland Street. And a Residence Inn by Marriott is set to open on Court Street by this time next year.

"The stars are finally coming into alignment downtown," said David Allbritton, chairman of the Clearwater Downtown Development Board. "I am proud of how everyone is working together. In the past, it was a lot of separate groups wanting it their way."

Downturn Began In 1970s
Allbritton, 56, a lifelong Clearwater resident, said downtown began deteriorating in the 1970s and has stumbled to regain momentum ever since.

The lack of an effective revitalization plan has led to an area where the only crowds come from Church of Scientology members scurrying from one building to the other. The Starbucks at Cleveland and Fort Harrison Avenue is one of the few draws in a downtown sorely lacking in destination restaurants, shopping and entertainment.

"We do not want a downtown where the streets roll up at 5," Allbritton said, "and I think by 2010 you will see a much more active area."

George Kelly, co-owner of the Downtown News Stand on Cleveland Street across from Station Square, has serious doubts. He says the city continues to overlook the problem with traffic flow to the population base in the Countryside area of this city of 110,000 residents and fails to address parking placement.

Kelly points out the many empty storefronts along his street and the high-rise around the corner with a sign advertising 45,000 square feet of space for lease.

"We have a desolate town. That is an appalling shame," said Kelly, 59, who has lived here for nearly 30 years. "And the spirit of the community is gone."

He says moving the entrance to the new causeway bridge a quarter mile south to Court Street made Cleveland Street, the approach for the old bridge, "a dead zone."

"To call what they are doing now a development is debatable," Kelly said. "It could be called a destruction. When this is all over, you will see what you see at Sand Key - a bunch of condos empty at least nine months of the year."

The downtown turnaround could hinge on the three large condo towers, which will have nearly 400 residential units total, with a high percentage of permanent residents.

Hibbard said the condos have been zoned to allow rentals only for 30 days or longer to encourage buyers who are interested in living there.

"But there is a difference between owning a condo on the beach and owning one downtown," said Hibbard, 39. "It's more affordable downtown.

"We are not arrogant enough to think we can control the market. All we can do is create the right environment where people want to stay."

Boat Slip May Be A Lure
More than 80 percent of the Water's Edge condos, ranging from $400,000 to $1.9 million penthouses, are sold, said sales associate Niel Allen. He said buyers are encouraged by the coming of nearby boat slips.

Hibbard said the $11 million boat slips will be paid for by rental fees, a recently obtained $1.2 million U.S. Fish and Wildlife Service grant, and $500,000 over 10 years from both the Clearwater Downtown Development Agency and the city's Community Redevelopment Agency.

There also will be 1,800 feet of mooring space for daily docking to attract affluent boaters to the restaurants, shopping and entertainment Hibbard hopes to see.

The slips are scheduled to be ready by the first quarter of 2009, and a promenade will be created amid the slips.

"The boat slips are important to creating the feeling that the downtown direction is changing," said Dwight Matheny, chairman of the Clearwater Downtown Partnership, a group of eight local businesspeople working independent of the city.

He sees the Residence Inn as another positive sign.

"They are losing hotel space on the beach, and in 10 years there won't be any mom-and-pop hotels there," Matheny said. "That drives people back downtown for hotels and evening entertainment."

Hibbard noted that 1.6 million tourists visit Clearwater Beach annually.

Matheny doubts that a much-coveted movie theater will be realized downtown, but Hibbard said adding one is essential, and he is optimistic one will come. He would like to see one across from Station Square on Cleveland, just west of Myrtle Avenue.

"This town has been as dead as a dodo," said Ann Gill, who spends half the year in Clearwater. "The streetscaping has been messy, but it will be lovely and really help.

"You will have a place people want to be around. You get those high-rises and the yuppies in here. They are influenced by that 'Sex and the City' show, you know."

"You definitely want that group of the young and the restless," Hibbard said. "But studies show us that retiring baby boomers who want a more vibrant area to retire are coming here."

He added that people across the Tampa Bay area will visit if the right destination restaurants and stores put down stakes. Getting something such as the popular Island Way Grill, just off of the causeway, or a Chico's women's apparel store will be critical.

"Our aim is to make downtown a place to work, live, play and be less dependent on your auto," Hibbard said.

He said efforts will begin in two months to fill empty storefronts with the streetscaping winding down.

Hibbard says the Publix grocery store and shopping plaza added south of the Court Street intersection on Fort Harrison contributes to the downtown neighborhood feel.

"We hope we are creating the right atmosphere in which the investor will invest," said Hibbard, a vice president at Morgan Stanley financial advisers in downtown Clearwater.

He would like more residential development between the library on the bluff and Cleveland Street, and also has an eye on the city-owned Harborview Center anchored by Stein Mart.

"The Harborview lease expires in 2009," Hibbard said. "It could be demolished to put in a three-tiered restaurant-retail complex."

Reporter Steve Kornacki can be reached at (813) 731-8170 or skornacki@tampatrib.com.

[Maxim98]

Chico's is, without a doubt, essential to Clearwater becoming a vital destination.

... Seriously.

[I-275westcoastfl]

Like the pics from my camera phone in dt clearwater show they are putting in some streetscaping on Cleavland.





But i agree that a movie theater is vital to nightlife in downtown id go the movies there a lot if they had one.