Ocean Properties LTD Buys Sandpearl Interest

Ocean Properties LTD, owner of the former Adam’s Mark hotel site on Clearwater Beach, has purchased a controlling interest in The Sandpearl Resort, a luxury hotel and condo residence. While Ocean Properties LTD will be the managing partner, the Sandpearl name and day to day operations will not change.

Ocean Properties owns and manages over 100 hotels, many in South Florida and the Keys. The own 2 local properties including the Treasure Island Residence Inn. The purchase will likely be reassuring to local officials, indicating that Ocean Properties has continued interest in Clearwater Beach, and the developement of the vacant beachfront lot is on the horizon. Ocean Properties purchased the Adam’s Mark site in 2007 with plans for a 230 room hotel before the market tanked.

Photo Credit:PropCo Real Estate

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.

Clearwater Beach Hyatt Opens Monday

 After years of construction, the Hyatt Regency Clearwater Beach Resort and Spa opens Monday February 1st. The upscale hotel and spa has 250 suites have kitchens and private balconies overlooking the Gulf on Beach Walk.

Resort amenities include the eco-friendly spa, a 24-hour StayFit@Hyatt gym, the Camp Hyatt kids program, indoor and outdoor function space, an 8th floor pool deck with air conditioned poolside cabanas and a children’s pool, as well as a pool and hot tub on the 16th floor Sky Terrace, WiFi, and of course a Starbucks Coffee.

The resort features a private beach club open to locals, residents and guests alike (memberships from daily to year-long are available), and the Shore Restaurant seafood grill will feature an open kitchen and 220 seats. In addition to a dynamic pool surrounded by two-room suite-style cabanas (perfect for day-long parties), there will also be a private hot tub on the 16th floor available for private parties.  Also located at the Hyatt are the Aqualea Residences private luxury condos.

Coral Reef Developer Outlines Plans

More than 100 people attended a meeting to hear developer Robert Fleeting describe the proposed $60 million, 248-unit, 12-story twin-tower hotel. Many questions were raised including positioning of the new buildings, public beach access, and when construction would start. Another question was will it be a hotel, condotel, or timeshare? That will depend on the the hotelier chosen for the project.
City approval, hotelier agreement, and financing could take up to 10 months Once that is accomplished construction would start within weeks. Fleeting must wait 30 days from last week’s meeting to seek formal site plan approval, but he has already submitted a preliminary site plan.
The old Coral Reef Hotel has been closed since 2004. Two timeshare buildings are open and will be included in a revised site plan to be submitted to the city. Timeshare owners have agreed to be included in the revised site plan.

Coral Reef Resort Could Be Redeveloped

There will be a public meeting at 7:30 p.m. Thursday at Warren Webster Community Center, 1500 Pass-a-Grille Way.

The developer, Coral Reef Partners LLC wants to demolish the 45 year old hotel and replace it with a $60 million timeshare or hotel. Plans include a new 12 story building – 10 floors of condos over 2 floors of parking garage. 248 2 bedroom 2 bath units will be approximately 1,000 sf each. Ammenities will include, restaurant, bar, workout center, and meeting space. The 4.28-acre complex, including the existing Coral Reef Resort timeshare buildings, will have three pools and four spas.

The hotel was purchased in 2004 and subsequently condemned for safety reasons. The timeshare buildings on the property are separately owned and remain open, and are considered part of the hotel site plan for zoning and building regulation purposes.

Several development contracts with a major hoteliers have been signed over the years, but never came to pass because of the city’s changing development rules. New regulations were approved last year and officially went into effect this month.

Beach Hotel Decision Delayed

The Clearwater Community Development Board approved a development agreement with Dr. Kirin Patel and his development company for a new hotel on Clearwater Beach 4 years ago. That was during the building boom. Now, building is at a standstill and financing difficult to find.

Patel has asked the city to approve an amended agreement. Among other things, it would give him 3 years from its approval to start the project. At the November 18th meeting Councilman Paul Gibson said that without a qualified partner, the project was “destined to fail” and may never get built.

Plans call for a 450 room hotel to be built on the 2.75-acre parcel directly south of Pier 60, between Coronado Drive and S. Gulfview Boulevard. 200 rooms will be timeshares and the rest will be available to the public.

The property is currently vacant and used for temporary public parking by the city. If the amended agreement is approved, the city wants to add $240k worth of improvements that would add 101 spaces to the 103 spaces and add curbing and landscaping. The city would eventually get 8 public parking spaces in the hotel’s parking garage to replace the curbside spaces that will be lost to the hotel project.

The City Council postponed a vote on the amended agreement until its Dec. 4 meeting so parking lot details can be tweaked.