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Key gateway property on Clearwater Beach up for sale for $30 million

Tampa physician Kiran Patel is shopping around a key 2.9-acre gateway property on Clearwater Beach.

While Patel is willing to hear joint venture proposals, the asking price to buy the site outright is about $30 million, said Jerry Lamb, regional director for Coldwell Banker Commercial which has the listing.

"I have not decided to sell, only seek genuine partners with experience and the wherewithal to do a project this complicated," Patel said. "Of course, I would consider selling if the price was right."

Patel paid more than $40 million to assemble and clear the property in the boom times of 2004 to build a landmark hotel. Now a parking lot, the S Gulfview Boulevard property just north of the new Hyatt Regency Clearwater Beach Resort once contained four hotels, including the Spyglass and a Day's Inn.

City officials envisioned the hotel as part of their ambitious plan to upgrade Clearwater's biggest tourist magnet, which has fallen behind the amenities found in other competitive Florida beach destinations.

Patel had talked with Marriott International about a franchised 350-room hotel with 75 condo units for the property, zoned for a 450-room hotel, before the recession, a tourist slump and the credit freeze.

Key gateway property on Clearwater Beach up for sale for $30 million 02/23/10 [Last modified: Tuesday, February 23, 2010 9:42pm]
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