Description
The Cleveland 1280 is a proposed multifamily, new construction, rental development to be located at 1280 Cleveland, behind the former Frontier Communications Building now being redeveloped as self-storage, Clearwater, FL, which is part of the Tampa/St Petersburg MSA.
The site is only a few blocks from bustling downtown Clearwater a couple miles from world-renown Clearwater Beach and a few more miles yet from Downtown St Petersburg, St. Pete Beach, and other popular areas. Retail, dining, office, and entertainment activities abound in these areas. It is within blocks of I-275 and its connectivity to much of Pinellas County and the City of Tampa.
Upon completion, the project will offer a total of 142 luxury multifamily units in a 4-story slab-on-grade structure with the south building having tuck-under parking for its 1st floor renters and the other units having covered surface parking. The north building will have a 3000 sq foot rooftop area to provide an amenity deck which will include a pool, grill area, turf for outdoor yoga, shade sails, festoon lighting, seating, and an outdoor kitchen. A small, glass-enclosed fitness room and club room will be on the roof, as well. It will have beautiful unobstructed views to the west (Clearwater Beach) and to the east (Downtown St Petersburg). A dog park will be on-site as well.
The site is in the Clearwater Downtown District and is zoned for the intended use.
The units will have balconies/patios, high-end appliances, 9–10-foot ceilings, in-unit washer/dryers, ceiling fans, and central heat/air conditioning. The construction will extend the economic viability of the building and will complement the surrounding neighborhood.
The units will be offered at rents eligible for those individuals and families at 80% and 120% of the area’s median income in addition to market rate units to create a strong diversity of residents while still encouraging affordable housing.
These rents are achievable based on the incomes of the workers in the area and are affordable when compared to the rents in St Pete Beach, Downtown Tampa, and Downtown St Petersburg. The rents are in keeping with the comparable A- rents with similar amenities in the area. The area has experienced extraordinary growth in the last 20 years, which is slated to only continue. Rents have stabilized and strong rent growth is forecasted starting in 2025. The overall vacancy in the submarket is roughly 6%. There is a serious rental housing shortage in the area. Single-family housing is out of reach for much of the population. Employment increases continue at a strong pace. In-migration from all over the country and internationally has been strong in the area.
Project costs will total approximately $36 million dollars, consisting of equity generated from the sponsor and the LP, a permanent/construction loan, and no-interest loans from the City of Clearwater and Pinellas County. The project developer is Garrison L. Hassenflu. Mr. Hassenflu is the Sole Member of Garrison Community Development, LLC, the development entity. Mr. Hassenflu is also the Sole Member of Garrison Community Management, LLC, the property’s property manager. These companies, along with other affiliated companies make up the umbrella entity, Garrison and MW Companies (www.garrisoncompanies.com). He has over twenty-five years of experience in development, having developed over $140,000,000 in affordable and mixed-income living units totaling over 1400 units in 6 states. Currently, he has a portfolio of 350 units, having sold 90% of his projects, and has 350 units under construction (or soon to be under construction) for luxury market rate living in his hometown of Kansas City. His work has received national acclaim from the National Housing and Rehab Association.
The development will pursue development under the State Live Local Act signed into law last year by the Governor which encourages workforce housing and county and city financial assistance.
The project will be constructed by a highly qualified local general contractor and local architect.
We expect a November 1, 2025 construction start with a February 15, 2027 completion. We anticipate an absorption of 30 units per month, which is comparable to other area sub-market lease-ups.
