Developer unveils $250 million beachfront condo project

A recently unveiled luxury-branded, environmentally resilient condominium development represents a series of milestones for Clearwater Beach and Pinellas County.

The $250 million Viceroy Residences Clearwater Beach will feature 86 units across twin nine-story towers overlooking the Gulf of Mexico. Sales will launch from an onsite gallery in January.

The upscale condominium project is Clearwater Beach’s first in over a decade. John Farina, CEO of U.S. Development, believes the coastal city is the “next area north of Naples and Sarasota primed for new development.”

“There really hasn’t been anything in the last 15 years that’s new – in respect architecture, design or building integrity,” Farina told the Catalyst. “It’s going to be a destination for people from Tampa Bay, St. Pete and the surrounding area who now have a beach location they can call their second home. And also, a destination for people around the country who love the Clearwater-Tampa area.”

The project will follow a growing trend of luxury-brand condominium towers.

Philadelphia-based U.S. Development and BH3 Management, headquartered in Fort Lauderdale, bought the three-acre site for $24.75 million in January. That set a new benchmark for the most expensive vacant lot ever sold in Clearwater Beach.

Viceroy Hotels & Resorts is an international luxury brand with multiple five-star properties in places like St. Lucia and Bali, Indonesia. The Hollywood-based company specializes in locally immersive experiences, from Portuguese beekeeping to a glassblowing workshop in Los Cabos, Mexico.

The Viceroy Residences Clearwater Beach will likely become Pinellas County’s first five-star hotel-branded development to break ground. Plans for a condominium tower bearing the Waldorf Astoria moniker in downtown St. Petersburg, a redevelopment, recently received approval.

Farina noted the vacant lot at 551 Gulf Blvd. “was one of the last pieces available to purchase” in Clearwater Beach. “Once you go further south in Pinellas County, there’s a lot of areas that have height restrictions,” he said. “The lack of opportunity really created a demand for this product.”

The dual towers at 551 Gulf Blvd. will offer panoramic views of the Gulf and Clearwater Bay. The property will feature a 270-foot-wide private beach protected by opposing jetties for Viceroy owners and guests.

Amenities include an owner’s restaurant, valet service, club room, “world-class” gym, media room, a spa and sauna, a steam room, a spa lounge and exterior and hot and cold plunge pools. Private cabanas will surround a resort-style pool with a firepit and sunset deck.

Two and three-bedroom floorplans measuring between 2,078 and 3,443 square feet will range in price from $2.5 million to $12 million. Vertical construction will begin in late 2025.

The vacant lot at 551 Gulf Boulevard. Image: Engel & Völkers.

Farina believes the Viceroy Residences will set new local luxury and environmental resiliency standards. The development will boast an 18.6-foot base elevation, nearly seven feet above Federal Emergency Management Agency (FEMA) standards.

The concrete buildings will also feature “missile impact glass” built to withstand 165 mph winds. Farina called the Viceroy’s garage level a “differentiator” from other developments.

“We are waterproofing up to 12 feet, which is an additional cost and expense,” he said. “It brings our garage level, mechanicals and elevator lobbies above the 500-year flood plain. There’s going to be one elevator per core that is operational during a hurricane.”

A generator will power safety measures, common areas, hot and cold appliances and elevators during an emergency. 

Viceroy operates 11 hotels and resorts, with two under construction. The company also has branded residences in cities like Miami, Fort Lauderdale and Chicago.

The Clearwater Beach development represents the hotelier’s first on Florida’s west coast. 

The site was home to Fisherman’s Wharf restaurant from 1963 to 1990. The building, demolished in April 2020, also housed Leverock’s Great Seafood and Shells seafood restaurant.

The project has already received approval from city officials.