Clearwater affordable housing project gets more city funding
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 14, 2022

The city of Clearwater has approved an additional $3.61 million for an affordable housing project on Cleveland Street.

Miami-based Archway Partners proposes building a four-story mid-rise building with 81 units at 1250 Cleveland St. The development will have 30 one-bedroom and 51 two-bedroom units. The apartments will range from 615 square feet to 930 square feet.

On Sept. 12, Clearwater City Council unanimously approved amending the agreement for the sale and development of the property. The amendment allocates $610,000 in further funding from the city and $3 million in assistance from the Community Redevelopment Agency.

In a presentation, Archway Partners cited increased construction costs and a rising interest rate environment as part of the reason for the increased funding request.

The project, called Clearwater Gardens, is designed to serve residents earning between 30% and 80% of the area median income. Development designs show there will be a two-story parking garage with one parking space per unit and additional spaces for visitor parking. Amenities include a clubhouse, coworking space, fitness center, children’s game room and a community garden.

Going forward, the company’s presentation said its goal is to secure $4 million in funding from Penny for Pinellas and then go through the approval process to close and begin construction. Construction is expected to start in July 2023, with completion in November 2024.

Archway Partners is also building an affordable housing project in Largo at 2075 Seminole Blvd. In August, the city of Largo approved further funding for the project, bringing its total investment up to $1.46 million for the development.