A Shared Future
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A Shared Future |
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Prospect Lake ParkLocation: Cleveland Street between South Myrtle and South Martin Luther King Jr. Avenues, ClearwaterRedevelopment District: Downtown Clearwater District Project Type: Brownfield redevelopment Description: In 2001, the City of Clearwater took on a daunting task: transforming a group of vacant former car dealerships in its downtown into a lush community of lakeside townhomes. The site, designated as a brownfield by the Florida Department of Environmental Protection, required the removal of aging gas tanks and various pollutants at a cost of nearly $1 million in state and federal grants. Together with adjacent city-owned land, it has since become the site of an ambitious 16 acre residential project. In addition to the brownfield cleanup, the city invested $10 million to expand an adjacent stormwater retention facility into an eight acre lake with a decorative fountain, surrounded by a landscaped park and paved pedestrian trail. The new lake provides a scenic and recreational amenity while improving stormwater drainage. A private developer has been contracted to build the residential portion of the project, a 100-unit townhome development called Mediterranean Village in the Park. As an incentive, the city sold the land to the developer slightly below cost and agreed to pay nearly $400,000 in development fees. The first phase of the project was completed in 2003. The development is expected to add nearly $17 million in new property value to the city's tax rolls, and has helped encourage a wave of redevelopments throughout the downtown.   To return to Redevelopment Projects, click here. |
