Wednesday, August 15, 2018
Business

Clearwater's Strand building draws interest

CLEARWATER — Don't get too excited, but there's new buzz about a potential sale of Clearwater's biggest and most dilapidated eyesore.

Colliers International listing broker John Gerlach said three groups are pursuing a closing contract for early October on the Strand, a 15-story skeleton of a condo building at the corner of Cleveland Street and Martin Luther King Jr. Avenue.

Countless negotiations between owner Espacio USA and prospective buyers have come and gone since the Spanish company abandoned the building, midrenovation, in 2008.

In February, the municipal code enforcement board agreed to forgive the now more than $200,000 in liens on the structure if construction on Investors Realty's proposed 155-unit apartment and townhome complex was completed. That deal fell through in May and the Strand continues to accrue daily code violation fines for what the city calls an unsafe structure.

In 2015, Espacio filed a $3 million federal lawsuit against Clearwater challenging the city's demolition order.

Gerlach declined to name the three prospective buyers, but said all three are doing due diligence work upfront, which includes determining price points for a potential apartment or condo project and establishing a construction budget and time line.

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