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City nears 'jewel' project

If Clearwater's Prospect Lake project breaks ground on time, it will have been a decade since plans began.

By Mike Donila, Times Staff Writer
Published February 16, 2008

A rendering shows what the Prospect Lake development might look like with ground floor retail and three floors of residences.
	[Handout]

A plan to give Prospect Lake a facelift with apartment buildings and small shops is still on track, but actual groundbreaking may not take place for 18 months.

That means by the time dirt is turned, it will have been a decade since the time Clearwater officials first attempted to launch the downtown project.

Atlanta-based Miles Development Partners on Tuesday will meet with the City Council, acting as the Community Redevelopment Agency, to hammer out a contract for the long-talked about - and often stalled - project.

This time, though, city leaders expect the work to get done.

Eventually.

If the CRA signs off on the contract Tuesday, then Miles still needs approval from the city's Community Development Board. Then the developer will need to create detailed building blueprints.

Still, city leaders say they are excited about the project and expect the developer to deliver.

"All of us have been looking forward to the day someone can come in and turn it into a jewel and we're getting close to that point," Vice Mayor John Doran said.

Mayor Frank Hibbard added that the project will bring three crucial elements to downtown: modern retail, more residential units and affordable housing.

"All of those are a good thing and it's another good step, but it's not the end," he said.

The plan calls for up to 249 rental units - 10 percent will be for affordable housing - and 16,000 square feet of shops that will front Cleveland Street. The $44.5-million project, built along 4 acres off S Prospect Avenue, will also include a two-level parking garage with a fitness center, pool and recreation space on its roof.

Bruce Wise, design director for Miles, said the company believes in the southwest Florida market and is attracted to downtowns that have yet to explore the potential for workforce housing.

Further, he said, "we're big believers in helping to create a good downtown."

"We're very excited about the project and feel it will be a great addition to Clearwater once we get some retail and a few rooftops down there," Wise said. "We hope to be the guys that start a renaissance down there."

Wise conceded that it may take awhile to get the project running because the company still must go through the permitting process, select contractors and secure funding. But, he said, his company believes "there's still a strong rental housing market and we think there will continue to be."

According to a city summary of the project, the development is expected to generate $368,000 in taxes its first year of operation, which will probably be 2013. The summary also says the city will pay Miles up to $250,000 to relocate utilities for the project.

Development, which could take two years to complete once started, has been in the works for years.

The initial plan to build what was supposed to be Mediterranean Village first surfaced in 1999. A few years later, a deal was struck with Sarasota developer Bruce Balk to build 100 townhomes on the old Dimmitt Chevrolet property. Under that plan, Balk would pay the city about $1.3-million for the land.

Countless setbacks, from the city and Balk, delayed the project, and the developer pulled out early last year after completing only 15 townhomes, a community pavilion and a pool.

The city last fall selected Miles Development Partners to continue the project. The company has completed projects throughout the country, as well as in St. Petersburg and Jacksonville.

Miles is expected to pay Clearwater about $3-million for the land. In addition, the developer will contribute $570,000 for streetscape improvements along Cleveland Street.

"We're really excited," said Assistant City Manager Rod Irwin, "because this puts a lot of young professionals living in the downtown."

[Last modified February 15, 2008, 21:58:37]