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.