First new project in Clearwater Marina District will be a 52-unit luxury condominium community
RSR Capital Advisors has announced its first development project in the new Clearwater Marina District – a 52-unit luxury condominium community that will be built with the high-end buyer in mind.
Construction documents are well underway for the project at 708 Osceola Avenue, which is expected to include both designer-ready shells and move-in ready units, with pricing expected to start at $1.2 million. Residents will enjoy waterfront views of the Intracoastal Waterway, a pool/cabana area, a fitness and activity center, a golf simulator, beautiful interior finishes and other high-end amenities.
RSR Capital Advisors expects to break ground on the project in early 2023, with plans calling for presales to begin next fall, and completion in the Summer of 2024.
“We expect this project to be the next successful luxury condominium development in Clearwater,” said Rodney Riley, Principal and CEO of RSR Capital Advisors. “With a terrific location on the Intracoastal Waterway, combined with all the amenities high-end condo owners expect, we believe this community will be a hit with buyers.”v
RSR closed on the land purchase for this property this week. Kast Construction will be the general contractor, with BC Architects doing the design and Kimley-Horn handling engineering. RSR will be partnering with a luxury real estate company in coming months to handle sales, while RSR works with Gensler and B2 Communications to create a brand and name for the community.
While higher mortgage rates are impacting lower- and mid-priced properties in the west Florida real estate market, interest in luxury properties remains high, as evidenced by the recent sellout of the Serena by the Sea condominium community on Sunset Point Road, just north of the Clearwater Marina District.
“People are continuing to move to Florida and buying higher-end properties,” Riley said. “We also expect to get demand from people who are in older high-end homes in areas like Belleair and Clearwater Beach who would like to be in a brand-new, best-in-class condo on the water.”
Elsewhere in the Clearwater Marina District, RSR has reached agreement with multiple sellers to purchase a total of 15 aggregated parcels ranging in size from 0.3 to 3.5 acres, in a site area that includes 21 total acres. RSR expects to be closing on other parcels in coming months as the project continues to take shape.
About RSR Capital Advisors:
RSR Capital Advisors, based in Clearwater, Florida, is headed by veteran real estate developer Rodney Riley, who has developed projects across the United States. Throughout his career, Riley has focused on the Sun Belt in such cities as Naples, Coral Springs, Orlando and Winter Park in Florida; Scottsdale and Mesa in Arizona; and Salt Lake City and Park City in Utah. The company believes in creating vibrant, engaging spaces for people to live, work and play, while considering the needs of nearby neighborhoods, particularly those in underserved areas. For more information about the company and the Clearwater Marina Project, visit TheClearwaterMarinaDistrict.com.