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In residents' lottery, condo developer hits the jackpot

JMC Communities raised $150-million in commitments for a project that will replace the Clearwater Beach Hotel.

By AARON SHAROCKMAN
Published June 26, 2005

CLEARWATER BEACH - The morning after some 800 hopeful homeowners cast lots for a place in the beach's newest condominium project, the lucky few returned for their prize.

Within days, all but two of the Sandpearl's 103 available condos were spoken for.

Even in a condominium market overrun with interest, the weekend sales pitch for the Sandpearl, which will replace the Clearwater Beach Hotel, is a feat by any practical measure.

"I think everyone's a pretty happy camper," said Jim Mudd, Sr., who won No. 49 in the lottery and parlayed it into a $1-million sixth-floor unit.

In all, developer JMC Communities raised $150-million in commitments, almost covering the $170-million construction loan overnight.

And that doesn't include the two units that haven't sold yet, 14 condos JMC chose not to sell at the lottery, or 50 condominium-hotel units that will be sold for up to $1.5-million.

"It's truly overwhelming," JMC President Mike Cheezem told guests at the June 17 exclusive lottery party, which required a refundable $40,000 entry fee.

Some 800 well-heeled guests from across the country attended the island-themed soiree in a white tent on the future site of the 150-foot condo tower.

The Sandpearl will be constructed along with a 251-room, four-star hotel and offer concierge and spa services to both hotel guests and condo residents. Construction will start this year, JMC officials have said, and the condos will open in 2007.

Mudd, 67, was happy with his choice, a 2-bedroom, 2-bath condo with a 222-square-foot terrace and views of the Gulf of Mexico.

The $1-million price tag didn't seem to matter much.

"They're not making any more of this beachfront land," said Mudd, who founded an Iowa automobile advertising business. "I don't think we're going to have to worry about the bubble bursting."

[Last modified June 26, 2005, 00:33:18]