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The Gotham Organization and The DeNunzio Group have secured a $160 million construction financing package for The Bluffs, a two-site mixed-use project in Clearwater. The capital stack combines a $115 million senior construction loan from Wells Fargo with $45 million in mezzanine debt and preferred equity provided by Schroders Capital and Lionheart Strategic Management, giving the joint venture full funding to advance the redevelopment.
The Bluffs stems from a successful request for proposal process to reimagine two waterfront parcels through a public-private partnership with the City of Clearwater. The sites sit adjacent to the newly completed Coachman Park, a public investment of $84 million, positioning the private development alongside a recently delivered civic amenity on the waterfront.
Gotham is leading development of the former City Hall property, which is planned as a 630,000-square-foot mixed-use complex. The project will feature a 400-unit luxury rental building designed by Behar + Peteranecz Architecture, alongside more than 10,000 square feet of retail space and 440 parking spaces. The scale of the program is intended to bring a significant residential and retail presence to the waterfront location, while replacing the prior municipal use on the site.
Less than a block away, The DeNunzio Group is overseeing development of the former Harborview site, which is already under construction. That portion of The Bluffs is being built as a 158-key Hilton-branded hotel with approximately 20,000 square feet of premium retail space. The hotel component is planned to open in 2027, adding hospitality and additional street-level retail to the immediate area near Coachman Park.
Together, the residential, hotel, retail, and parking elements are designed to create a consolidated mixed-use destination across the two waterfront parcels. The combination of senior bank financing with mezzanine debt and preferred equity from institutional capital providers underpins the delivery of both phases of the project under the public-private partnership framework with the city.
The post Gotham, DeNunzio Secure $160M Construction Financing for The Bluffs in Clearwater appeared first on CRE Market Beat.
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