$32M affordable housing in Pinellas replaces dilapidated inn

A $32 million affordable housing complex plans to celebrate its grand opening in Clearwater on Tuesday. 

Clearwater Gardens, at 1250 Cleveland St., is a four-story apartment building featuring 81 units. Those apartments are reserved for households with incomes that fall between 30% and 80% of the area median income. According to the Florida Housing Finance Corp., the area median income for Clearwater is about $98,000.

The new apartment complex sits on the site of a former dilapidated inn and brings much-needed affordable housing to the city’s downtown, the release says.

“Clearwater Gardens represents a major investment in expanding access to high-quality, sustainable housing in the heart of the city,” the release from the city of Clearwater says. 

Construction on the apartment complex began in June 2024 with crews from Hennessy Construction Services. The building features 52 one-bedroom units, 21 units with two bedrooms and two bathrooms and eight units with two bedrooms and one bathroom. Designs for the apartments range in size from 605 square feet to 929 square feet and include granite countertops, energy-efficient appliances, and contemporary finishes.

The complex also features a number of amenities, including a clubhouse with dedicated children’s room, a library, co-working space, a technology lab and a state-of-the-art fitness center. The Clearwater Community Garden is also located on the property, according to the release. 

The new development has achieved National Green Building Standard Silver Certification, the release says — a reflection of developers’ commitment to sustainable and environmentally responsible design. 

According to the release, Clearwater Gardens represents an approximately $30 million development made possible through collaborations between public and private partners. 

The Florida Housing Finance Corporation provided 9% low-income housing tax credits to the City of Clearwater and helped secure $610,000 in SHIP and HOME funding, administered by the Economic Development and Housing Department for the Clearwater Community Redevelopment Agency (CRA). Raymond James was also an equity investor and construction and permanent lender for the CRA, and is providing 20 project-based Section 8 vouchers, the release says. 

The property for the new community was purchased with a $1.35 million mortgage for land acquisition as well as a $3 million deferred loan at 0% interest, the release says. 

The project team includes Miami-based developers Archway Partners, which has several developments in the works throughout the Tampa Bay region including the Seminole Square apartments in Largo and the Flats on 4th affordable housing project in St. Petersburg. Engineering firm VHB also worked on the complex along with FK Architecture.