Developers PGIM and Greystar are one step closer to breaking ground on a residential venture in Clearwater. The multi-million-dollar endeavor will replace a hospice facility on the site.
The project, dubbed Birchway Bayside, will comprise 376 units spread across 19 buildings. Specifically, plans call for 283 apartments and 93 two-story townhomes. Forty percent of the homes (151) will be designated as affordable housing, with residency available to tenants earning up to 60 and 80 percent of the area median income (AMI).
Amenities will include a swimming pool. Image by Greystar
Communal amenities at Birchway Bayside will include ample green space, including two dog parks, a children’s playground, and sports areas. There would also be 693 parking spots, most of which would be surface-level spaces. The townhomes would feature two-car garages.
As noted, PGIM is one of the developers. The firm recently closed on the 22-acre build site for $19.25 million this past week. It had the property under contract for close to 12 months.
Greystar hopes to start construction on Birchway Bayside this year and complete the project in 2028. The 376-unit development is estimated to cost more than $80 million to complete, with $68 million in financing coming from CIBC Bank USA.
Birchway Bayside is slated for 5771 Roosevelt Boulevard, Clearwater, FL, 33760, in Pinellas County.
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