A former car lot could one day be the site of a 240-unit mixed use apartment complex in the city's downtown core.
Cleveland Street Redevelopment, a project created by Prospect Real Estate Group, was selected by city officials to be built on a seven-acre parcel near Prospect Lake Park in downtown Clearwater.
The $34-million plan calls for developing 15,000 square feet of retail space as well as 240 apartments with rent between $1,125 - 1,325, according to the Tampa Bay Times.
"The Prospect Real Estate Group presented a creative proposal that would appeal to the young professional," Geri Campos Lopez, director of economic development and housing, said in a release. "With urban housing, retail and an attractive plaza that opens up to the lake, the proposed project will enhance the city’s economic development efforts to attract jobs and businesses to the downtown."
First, the Community Redevelopment Agency must sign off on the plans. The board will hear a presentation of the plan June 18.
If approved, the project is expected to start in a year.
Already, the city has invested an estimated $6.5 million purchasing the property that overlooks a former retention pond off Cleveland Street; getting it ready for development including dealing with environmental issues from the site's former use, a car dealership.
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