Developer closes on land for waterfront Clearwater condos
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 28, 2022

A Clearwater developer wants to create a new waterfront district just north of downtown — beginning with 52 luxury condominiums.

RSR Capital Advisors, led by Rodney Riley, closed on a 0.92-acre lot for the condo development at 708 Osceola Ave on Oct 26. A purchase price was not disclosed, and a deed for the transaction has not yet been filed.

The condos are the first in a series of projects Riley plans to unfold in the coming years in an area he hopes to brand the Clearwater Marina District. The district will include multifamily residential, mixed-use commercial and office space.

“This is the first real expansion from downtown for Clearwater,” Riley told the Tampa Bay Business Journal.

He said he has reached an agreement with multiple sellers to purchase a total of 15 aggregated parcels ranging in size from 0.3 to 3.5 acres in the North Marina Area. In total, he will control approximately 21 acres in the new district, which encompasses much of Clearwater’s North Marina Area.

This city-designated area includes the Pinellas County Schools’ former North Ward School, the Francis Wilson Playhouse and the Seminole Boat Ramp. The area is between the water and the Pinellas Trail and primarily lies between Eldridge Street and Cedar Street.

“These projects will unfold in a somewhat rapid succession,” Riley said. “I’m already working on a 50,000-square-foot office building that’s right behind the condos in the approval process. The condominium project will come first, then the office building that bookends the northern boundary of the property. We’re looking at a potential redevelopment of a city-owned site within the property and are already working on a hotel site.”

They still need to go through the approval process, but Riley said he feels confident they’ll be able to “get done what needs to be done.”

Riley said he believes this is a “truly transformational project” for Clearwater. Unlike much of the rest of Tampa Bay, large portions of Clearwater have remained relatively untouched for decades.

“You have all of these great little towns back in the ’80s and ’90s that are now part of a major metropolitan area like St. Pete, Dunedin and Sarasota,” Riley said. “Here, I was able to find land in Clearwater that is not only underutilized, but it’s also just vacant land. It’s amazing it’s still available and still here.”

The five-story condominium development is expected to feature designer-ready shells and move-in-ready units. Residents will have waterfront views of the Intracoastal Waterway. Pricing is expected to start at $1.2 million.

RSR plans to break ground on the project in early 2023, with presales beginning next fall and completion estimated for summer 2024.

Riley is building the condos speculatively — an unusual strategy in condo development. Most condo developers presell 60% of their projects before breaking ground. He said he is currently working on obtaining a construction loan.

Amenities will include a pool and cabana area, a fitness and activity center and a golf simulator.

The project team comprises Kast Construction as the general contractor; BC Architects is designing the building, and Kimley-Horn is the project engineer. Gensler has also been engaged in the project. RSR will partner with a luxury real estate company to market the property for sale in the coming months.

Riley said there is a high demand for luxury living in Florida, which is substantially higher in Clearwater, as there is a significant lack of supply.

The Serena by the Sea condominium project on Sunset Point Road just north of the district recently sold out, which developer Moises Agami said “exceeds expectations” in sales and has led to Agami launching a new luxury project next door. The luxury condominium Marina Bay 880 opened in 2021 and saw a wave of buyer interest.

“I’ve been working in this state for a long time, and people have always wanted to come to the sun,” Riley said. “That’s probably never going to end. With Covid happening, we saw that pipeline grow dramatically. I’m absolutely convinced even with some of the economic issues potentially on the horizon, the luxury buyer — which is what we’re trying to attract with this property — always finds a way to buy great assets in great locations.”

Riley had developed projects throughout the U.S. and focused much of his career on the Sun Belt in cities like Naples, Coral Springs, Orlando and Winter Park in Florida; Scottsdale and Mesa in Arizona; and Salt Lake City and Park City in Utah.