Twin Tower Condo's Proposed on Downtown Clearwater Waterfront

cliggittvaluation • August 22, 2023

Two 35-story towers could soon be developed on the Clearwater waterfront

Clearwater-based Valor Capital has proposed to build two 35-story condo towers on a waterfront parcel they are under contract to purchase. Moises Agami, chairman and CEO of Valor Capital, has proposed luxury waterfront condos on the edge of downtown. These condos will be the tallest in Clearwater and among the largest in Tampa Bay if they are built. The towers would rise at 470 feet, with the two 35-story towers soaring over the current largest building – Water’s Edge, which is 26 stories.


Currently Valor Capital is  under contract for the purchase of a 2.5-acre parking lot from The Oaks of Clearwater.  The parcel is located at 420 Bay Ave. The Oaks of Clearwater is a 15-story assisted living facility that is located to the north of the proposed project. The 13 story Prelude 80 Condo’s are to the south. The project will tower over these and the surrounding single-family homes in the bordering Harbor Oaks neighborhood.


The buildings will not require a vote by the Community Development Board thanks to recent changes made to the downtown development standards aimed at cutting red tape and bringing more developments to Clearwater’s downtown. In May a code change gave city staff authority to grant requests for increased density downtown, and no longer requires a vote at a public hearing. There have been no height restrictions in the downtown core since 2004. The plan is to have between 186 and 223 units between the two towers.


Since there is no need for a zoning change, the application is being reviewed by city staff, the only level of discretion needed for obtaining permits. The planning and development director has asked for more information on how the developer will configure a seawall and preserve the existing mangroves. The company behind the development has declined to comment publicly on the project but has said they have offered to meet with neighbors to discuss concerns.


In Tampa Bay, the One St. Petersburg building is the current highest building at 450 feet, but the residential and office tower being built at 400 Central Ave will beat it at 515 feet at 46 stories. Agami’s proposed development will be among the tallest in Tampa Bay if completed. The Oak’s parking lot has long been eyed for residential development.


Neighbors have expressed concerns regarding the project both for physical concerns and environmental concerns. The property will stick out compared to neighboring ones, and Agami proposed two levels of underground parking. One of the condo’s would be built 5 feet from the Prelude 80 property line according to the proposal, which is the minimum required by code. More than a third of the lot is in the coastal storm area, which is prone to flooding. The city code does not prohibit private development in the area but does restrict density of projects. 


The project is estimated to cost $300 million. Groundbreaking will not happen anytime soon, as the company is still in the process of obtaining a development order from the city and an extensive design process that could take a year and a half to complete will follow once the order is given. Entitlements on the site currently allow for 186 units, but Agami is pursuing  a bonus to get an increased amount. EV charging and other sustainable choices will be added to potentially qualify for the bonus.


Valor plans to stick to market demand, and if it is determined the market does not call for more than 186 units only 186 will be built. Since the proposed towers are within walking distance to downtown but not in the heart of downtown, Valor does not plan to include ground floor retail so unnecessary traffic does not get drawn to the area.

Thank you for your interest. If you need Appraisal & Valuation Services in Clearwater contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705

findvalue@cliggitt.com

Clearwater Appraisal & Valuation Services

SHARE CONTENT

By cliggittvaluation July 25, 2025
A well-known corner of South Tampa is getting a new lease on life. The property at 2616 S. MacDill Avenue—formerly home to the popular eateries Datz and Dough—is undergoing a complete transformation led by Three Oaks Hospitality. The new concept, 1983, is scheduled to open its doors in mid-August. Three Oaks, the hospitality and development group behind successful Tampa Bay ventures like Armature Works, The Pearl, Ciro’s, Steelbach, and Ro, acquired the site in 2023 and has since begun a creative reimagining of the space. The 150-seat restaurant will introduce a sports-forward, social dining experience with an upscale 1980s-inspired aesthetic. The adjacent Dough space will become a retro arcade, paying homage to iconic video games of the past—think Pac-Man and Galaga—while the restaurant itself will offer a menu that ranges from sushi and salads to French dips and classic wings. The design will incorporate vintage sports memorabilia and a preppy flair reminiscent of 1980s fashion and culture. The project’s name, 1983, reflects the birth year of twin brothers Charles and Kyle Bruck, co-founders of Three Oaks. One thing that isn’t changing? The landmark marquee sign out front, which locals may remember for its witty one-liners. It’s being preserved and will continue to feature playful messages as a nod to the building’s legacy. This revitalization adds to the continued momentum of redevelopment along the South MacDill corridor, a high-visibility commercial stretch in one of Tampa’s most established neighborhoods.
By cliggittvaluation July 21, 2025
Tampa residents have been waiting for high-speed rail service—and it’s starting to look like that dream could eventually become a reality. Brightline, the private passenger rail company already operating in South Florida, is officially making moves toward a Tampa expansion. The company recently requested $400 million in bonds to fund new stations and tracks across Florida, with Tampa named as one of the next planned stops. That funding would help push forward rail infrastructure connecting Tampa to Orlando and beyond. So… when can we actually expect to ride? The Not-So-Soon Timeline According to Hillsborough County Transportation Planning Organization executive director Johnny Wong, we might still be waiting another decade. Yep—ten years. Wong’s projection is based on information from a former Brightline executive, now with the Orlando Economic Partnership, who noted that Brightline will need to lay new rail along I-4 before the Tampa link becomes a reality. And since I-4 is currently undergoing a massive expansion that could take up to 20 years to complete, rail construction might not begin for a while. That said, there’s some hope. Governor DeSantis and the Florida Legislature have shown interest in speeding up the I-4 project, which would naturally help accelerate Brightline’s expansion timeline as well. Why Now? Ever since Brightline opened its Orlando station in 2023 (connecting to Miami), the buzz around a Tampa extension has only grown. With Central Florida’s population booming and I-4 getting more congested by the day, many are pushing for a faster, less stressful travel alternative. Last year, Mayor Jane Castor even floated 2029 as a possible opening year for the Tampa station. And with the recent bond request and local support—including a unanimous vote from Tampa City Council to allow Brightline to proceed with financing—the wheels are certainly turning. But There’s a Catch While Brightline has ambitious plans, the company is facing some financial headwinds. It fell about 30% short of its projected ridership last year, carrying roughly 2.8 million passengers. That drop came after eliminating popular $10 commuter passes, though those have since been brought back—and early signs show ridership recovering in South Florida. Despite operating at a $63 million loss last year and carrying $5.5 billion in debt, Brightline continues to grow. And Tampa appears to be next in line. Where Will the Station Go? A final location hasn’t been publicly announced, but city officials have hinted at a site in Tampa’s “greater downtown area,” possibly stretching from Ybor City to the Curtis Hixon Waterfront Park area. In May, Hillsborough County asked residents how they would get to the future station, and the majority said they’d drive or use ride-share services. That means the city will likely need to build a parking structure and invest in safer pedestrian and bike-friendly infrastructure. Respondents also voiced a desire for more public transit near the station, which could reignite conversations about expanding the TECO Line Streetcar into Tampa Heights. What If Brightline Doesn’t Make It? Even with the financial risks, there’s a silver lining. If Brightline lays the rail but later backs out, the infrastructure could still be used by another operator—think Amtrak or even a local transit authority. As Wong put it: “If we have assets for trains to go through Tampa to Orlando, I don’t see why there wouldn’t be competitors in that space.” Source: Tampa Bay Times Thank you for your interest. Have questions regarding the local market? Navigate the Real Estate Market with confidence, and contact us at Cliggitt Valuation for your appraisal, consulting, and valuation needs today. Mike Cliggitt, MAI, MRICS, CCIM 813.405.1705 | 863.661.1165 - Direct Lines findvalue@cliggitt.com Appraisal & Valuation Markets Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt. Sydney Avolt 727.403.7418 - Direct Line sydney@cliggitt.com
By cliggittvaluation July 8, 2025
Florida’s property insurance market is finally showing signs of recovery in 2025, following several years of volatility. A combination of legislative reforms and a resilient response to recent storms has begun to steady both residential and commercial insurance rates. For those in the commercial real estate space, this shift offers a much-needed sense of predictability. With fewer surprise exclusions and more stable premium trends, stakeholders can breathe a little easier—even if hurricane season keeps everyone on alert. In this post, we break down the effects of the 2024 hurricane season, 2025 premium trends, key legislative changes, reinsurance market updates, and what these developments mean for property owners, brokers, and investors across the state. After the 2024 Hurricane Season: Resilience in Action
More Posts