Aqualea Construction To Begin

The Aqualea Resort Condominium Hotel and Residences will now be a reality on Clearwater Beach. Financing for the 268-unit complex on South Gulfview Boulevard has been secured. Total financing is around $105 million, or more than $391,000 per unit. The deleloper has partnered with the Hyatt Corp. to develop the complex, which will feature a four-star resort that will be the centerpiece of Clearwater Beach’s Beach Walk.

Foundation work has already begun on the 400-foot expanse of Gulfview Boulevard where the 920,000-square-foot Aqualea will be built. It’s expected to be completed by the end of 2009. The resort will include two swimming pools, a beach concession with towel and beverage service, a spa and private air-conditioned poolside cabanas.

Owners will be able to live or vacation in their units and make them available for rental through Hyatt’s resort management program. Units range in price from $485,000 to $1.4 million, according to previous reports. Also included will be a $5.4 million penthouse. Sales could begin within the next 16 months.

Aqualea was one of many projects announced for Clearwater Beach since early 2005. Most have been delayed, including Clearwater Grande from Clearwater Grande Development, Entrada from Decade Properties, Kiran Grand Resort & Spa from K&P Clearwater Estate, Marbella Condominiums from Lucca Development and Sienna Sands.

Lele Development’s Enchantment Beachfront Residences is still offering units in a pre-sales capacity down the street from Aqualea where units were available for between $900,000 and $2.7 million. JMC Communities has begun construction of Marquesas, where units were reportedly being offered for between $700,000 and $6 million.

Taylor Woodrow’s Indigo Beach Residence & Suites, which offered 190 units between $1 million and $2.5 million, was cancelled earlier this year.