Sarasota developer scoops up vacant Clearwater Beach properties
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 31, 2023

Casto Vacation Properties is proposing building resort townhomes at the corner of Mandalay Avenue and Royal Way in Clearwater Beach.

Two vacant parcels in Clearwater Beach sold to an entity linked to Casto in a deal that closed Jan. 24. The parcels — 629 and 631 Mandalay Ave. on either side of Royal Way — sold for $7.9 million, according to Pinellas County property records.

Casto could not be reached for comment.

The seller was Clearwater-based Bayway Florida Hotel LLC. The same entity took out a $3.95 million mortgage from Valley National Bank, according to property records.

Casto has proposed townhouse-style vacation rentals on the parcel south of Royal Way, according to plans filed with the city. Documents submitted by MHK Architecture show each six-bedroom townhome will have its own pool and a roof deck. Casto also filed plans to build similar townhouse-style vacation rentals on Clearwater Beach in March 2022.

The parcels are adjacent to The Shipwreck Bar and are a block away from the Fairfield Inn & Suites by Marriott Clearwater Beach and Hotel Cabana Clearwater Beach.

Georgette Gillis of Viewpoint Realty International represented the buyer and seller in the transaction.

Few vacant parcels remain in Clearwater Beach, which continues to be a tourism destination for Florida. Luxury condos are being planned on the majority of vacant parcels throughout the beach.