Sales  ·  Land

BH3 Management Plans First Condo in Clearwater

reprints


BH3 Management, the prominent South Florida developer that is now redeveloping a piece of Miami’s Watson Island, is crossing the Sunshine State to build luxury condos.

The Fort Lauderdale-based developer, alongside New Jersey-based U.S. Development, paid $24.8 million for a 3-acre waterfront site at 551 Gulf Boulevard in Clearwater Beach, Commercial Observer has learned. The parcel on the Gulf Coast west of Tampa sits at the southern tip of the barrier island, facing the Sand Key Bridge.

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The joint venture plans to construct two nine-story condo buildings that will house 86 luxury units in total. Sales are slated to commence this year, and vertical construction is set to follow in 2025.

Residences will average just under 3,000 square feet, with prices ranging from $2 million to $10 million.

“In many ways, our team is introducing an entirely new market segment in Clearwater Beach, which has been overlooked as a luxury market even as successful high-end projects come to life in neighboring communities,” BH3 Management co-founder Gregory Freedman said in a statement.

Linkvest Capital lent $12.5 million for the land acquisition. The Miami-based lender’s Camilo Niño, Ricardo Uribe and Alen Hernandez spearheaded negotiations, and JLL’s Melissa Rose, Michael DiCosimo, Paul Adams and Val McWilliams represented the joint venture. 

Kelly Montgomery-Kepler and Sylvia Tzekas of Engel & Völkers served as listing agents for the property.

As land prices have shot up in South Florida during the pandemic, some local developers have launched projects across Florida along the state’s western coast. Last year, Related Group, Miami’s largest condo developer, broke ground for a second Ritz-Carlton condo tower in Tampa.

Kolter Group and BH Group are under contract to buy out an oceanfront condo building in Naples for $100 million, according to The Real Deal.

Julia Echikson can be reached at jechikson@commercialobserver.com