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Project will get $1-million to begin

It's Clearwater's money, but building must start by June.

By MIKE DONILA
Published January 17, 2007

CLEARWATER - By June, developers are expected to break ground on the old 1100 Building, turning it into a trendy mixed-use development of luxury condos, stores and offices.

The City Council, sitting as the Community Redevelopment Agency, agreed Tuesday to set aside a little more than $1-million so developers can get to work on what is now vacant office space.

Developers say this widely known Cleveland Street building, at downtown's eastern entrance, will help revitalize the area and bring in new residents.

Under the deal struck between the city and the project's managing partner, Guy Bonneville, development must start by June and finish 24 months later. In return, city money will help fund impact fees, relocate utilities and pay for downtown streetscape improvements.

This money comes from a fund that takes in some property taxes generated within the city's designated Community Redevelopment Area. This money can be used only for redevelopment projects for this area.

They city typically uses the money because it helps get projects off the ground and gets them finished quicker so Clearwater can reap the benefits sooner.

The Water's Edge condominium tower, which is under construction to replace Calvary Baptist Church, also received some of this money. And the fund is expected to pay for a minor portion of the overall boat slip project at Coachman Park if it's ever developed.

City leaders welcomed Bonneville's project Tuesday, saying it's one more step to reinvigorating the area.

"The city's desire has always been to have a mixed-use development there," Mayor Frank Hibbard said.

Council member Bill Jonson said, "I think this is the kind of project that is appreciated for downtown."

Bonneville plans to spend $45-million renovating the tower and placing a three-story perimeter building connecting to it.

The 15-story tower will include 60 condos and 11 penthouse units. The perimeter building will feature 17 one- and two-story residences.

The project also will include more than 20,000 square feet of upscale retail and office space. And the property will feature concierge services, a pool and spa area, a fitness center and party room, and a two-story parking garage.

Bonneville said a pastry shop is set to move into the complex, and possibly a wine shop and caf.

Additionally, the Clearwater Regional Chamber of Commerce offices will be relocated there.

Bonneville said the residences will range from 1,000 to 3,300 square feet in various configurations with one, two and three bedrooms. They will cost between $250,000 and $1.5-million.

Bonneville told city leaders Tuesday that "sales are up and running" and that he needs to sell 50 percent of the units before his lender will release the needed funding. Bonneville said he's sold about 12 percent of the condos so far but will make the June deadline.

"We do have a Plan B," he said. "We're working with a Fort Lauderdale investor who will buy 30 to 40 percent of the units if needed, but we prefer not to go that route."

Bonneville said he wasn't concerned about a soft condo market that has swept the county, adding that having an existing tower will help keep his prices down.

Similar projects along the beach are poised to sell condos for upward of $3-million.

Fast Facts:

About the project

What: Clearwater Centre LLC has plans to turn the 15-story tower at 1100 Cleveland St. into a mixed-use development that will include 60 luxury condominiums, 11 penthouses and more than 20,000 square feet of retail space.

When: Work is expected to

start in June and wrap up within two years.

Cost: About $45-million, developers say.

More information: To check out pictures of the proposed condominiums, visit 1021 Cleveland St. in downtown Clearwater or call (727) 443-1797.

[Last modified January 16, 2007, 23:09:37]