Patel Property Up For Sale In Clearwater Beach

The vacant 2.9 acre lot at Coronado and S. Gulfview, next to the new Hyatt is up for sale. The property is owned by Tampa businessman and philanthropist Kiran Patel. Patel paid $40 million for the prime land 6 years ago, one of Pinellas County’s most expensive land sale price. Todays asking price – $30 million.

Patel and partner Miami based Related Group originally planned to build a 15-story two tower megaresort of 450 condos and hotel suites overlooking BeachWalk and Clearwater Beach. A number of hotels were razed to make way for the project. The implosion of the Spyglass Resort was aired on live national TV when illusionist Chris Angel performed an escape just before it crumbled.

In 2008 Patel was granted an extension by the city to delay construction until 2011. Another extension for the property could be denied, meaning the new buyer might need to start building right away unless another deal is struck with the city. The site is currently used by the city for beach parking. As part of the extension agreement, 200 parking spaces were built with $150,000 from Patel.