Phillies buy Clearwater property, opening door to redevelopment near BayCare Ballpark
By Breanne Williams
Tampa Bay Business Journal
Published: Nov 15, 2022

An affiliate of the Philadelphia Phillies has acquired a 13.5-acre retail center in Clearwater — a move that could open the door to future redevelopment near BayCare Ballpark.

The Clearwater Collection, a retail center at 21800 US Hwy. 19 N, is directly south of BayCare Ballpark. It was a distressed asset that went into bankruptcy, according to Avison Young, which brokered the transaction.

BayCare Ballpark is the home of the Clearwater Threshers and the Phillies’ spring training. Avison Young said control of the adjacent retail center “affords them the opportunity to plan for future redevelopment near the park.”

The property was sold by Clearwater Collection LLC and handled by a court-appointed receiver and Avison Young Principal Michael Vullis. The property sold for $22.5 million, and the sale closed Nov. 10, according to a deed filed in Pinellas County.

Floor & Décor anchors the retail center and is the sole tenant, occupying 49% of the rentable area. The company has five years remaining on the lease, and the buyer will hold the property through that period “while determining the best redevelopment avenue to pursue,” according to Avison Young principal John Crotty.

Avison Young spearheaded the management and leasing of the property before reevaluating and taking it to market with the Florida Capital Markets team of Crotty and principals Michael T. Fay, David Duckworth, senior vice president Nick Robinson and vice president Brian C. de la Fé leading the sale.

“Buyers continue to look for different infill land opportunities where they can combine multiple uses on an underutilized property that may have traditionally operated as exclusively office or retail,” Crotty said in a release. “We saw great value in the Clearwater Collection beyond a straightforward retail reposition, but as a full land redevelopment opportunity for various uses including multifamily, office, and retail.”

According to Crotty, the team received multiple offers from retail investors and multifamily and mixed-use developers. Avison Young said the current zoning permits the construction of mixed-use developments, including residential, office, retail and entertainment space.