GlenStar Buys Unfinished Property, Plans Redevelopment
- Jan 18, 2017
Clearwater, Fla.—Colliers International has arranged the sale of The Strand, a 15-story, 240,330-square-foot former condominium building in downtown Clearwater. Chicago-based developer GlenStar Properties acquired the asset for $5 million and plans to redevelop the long-vacant property with residential units and retail.
John Gerlach, CCIM, vice president of investment services with Colliers International Tampa Bay, Jake Gerlach, project manager of investment services and Mackenzie Gerlach, associate of investment services, represented the seller, Espacio Clearwater Development LLC, in the transaction.
The property is located at 1100 Cleveland St. on the outskirts of downtown Clearwater. It provides convenient access to the Clearwater Memorial Causeway and U.S. Route 19.
Before becoming The Strand, the property was an office building. The seller took ownership in 2004 with plans to build luxury condos. The building was gutted and stripped down to its foundation, but construction was halted in 2009 due to the economic downturn. Since then, the property has sat idle and unfinished.
New owner GlenStar Properties specializes in development, investment, leasing and management of quality institutional properties, primarily in the retail and office sectors. In addition to the apartment community, the firm is also planning 10,000 square feet of ground-floor retail space. The project is set to be completed within 18 months.
“GlenStar Properties has the knowledge and experience to take on this challenging project and turn it into a high-quality residential and retail property,” said Colliers’ Jake Gerlach in a prepared statement. “Additionally, the residential component of this project will help meet a growing demand from young, tech-savvy employees working in the downtown submarket.”
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