'Better than anything that has been built': Developer proposes two 35-story towers for downtown Clearwater
By Breanne Williams
Tampa Bay Business Journal
Published: Aug 22, 2023

Valor Capital is proposing to build two 35-story towers along the Clearwater waterfront.

Moises Agami, chairman and CEO of Clearwater-based Valor Capital, told the Tampa Bay Business Journal his firm is under contract to purchase the 2.5-acre parking lot at The Oaks at 420 Bay Ave. The project is in the early stages, but Agami said the plan is to build anywhere from 186 to 223 units on the site via two towers.

In total, the project is estimated to cost roughly $300 million. When complete, it could be as high as 470 feet, making them the tallest buildings in Clearwater.

A groundbreaking likely won't happen for some time. The company filed for an entitlement application a few months ago and is in the process to obtain a development order from the city. After that will come an "extensive" design process, which Agami said could take around a year and a half to complete.

Valor does not have a firm timeline but expects the project to take at least five years to complete.

“This is not an ordinary development. We’re going to make something that is truly unique that is going to stand out,” Agami said. “We believe it will be better than anything that has been built in Tampa Bay.”

Valor Capital is behind Serena by the Sea and the SkyView project in Clearwater. In June, the developer announced it was expanding to St. Pete with a luxury condominium project planned near the Innovation District.

While a set list of luxury amenities is not yet planned for the new Clearwater project, Agami pointed to their former projects as inspiration for what they’ll bring to the two towers. Amenities at other Valor projects include spas, fitness centers, resort-style pools, golf simulators, cigar rooms, public and private restaurants and event space.

The entitlements on the site allow for 186 units, Agami said, and Valor is pursuing an additional bonus to get the increased amount. It will add EV charging and other sustainable choices to potentially qualify for the bonus. In May, the city changed a piece of its code which allows developers to go through authorization via city staff for the bonus density requests downtown rather than requiring a public hearing.

The proposal comes as many developers are finding it increasingly difficult to make their projects pencil out. Insurance continues to increase, interest rates are skyrocketing, and demand has begun to slow as a nationwide recession looms.

Agami said Valor will adjust to demand and market needs. If the market does not call for more than 200 luxury condominiums, they will stick to 186 units. He said Valor Capital, an international company, has “a lot of stability" and is capable of “surfing the high waves” if necessary.

The plan also includes adding two levels of parking below the ground floor. However, the site sits on a bluff, and the parking will not be below the water level, according to Agami.

The property lies on a dead-end street, which Agami said provides a level of exclusivity for the residents. While it is within walking distance to downtown — and all the amenities provided there including the newly opened Coachman Park and The Sound — the building itself is not in the heart of downtown, which Agami said is desired by many residents.

Due to that aspect — and because he said he isn’t looking to draw unnecessary traffic to the neighborhood — they more than likely will not be activating the ground floor for public use, like retail and restaurant space. He intends to have many meetings going forward with the community to ensure they build something that “brings tremendous value.”