Tampa-based real estate brokerage firm Equity LLC is proposing to demolish a warehouse in Clearwater to make way for a mixed-use development featuring a co-working hub, brewery and apartments.
The Clearwater Community Redevelopment Agency board approved an agreement Monday for the sale and redevelopment of the CRA-owned property at 115 South Martin Luther King, Jr. Ave. and the adjoining vacant northwest corner mot of South Washington and Pierce Street.
Equity would purchase the property for $650,000 to build the $14.8 million, 56,000-square-foot development.
The four-story development calls for the ground floor to be occupied by Ohio-based COhatch, a co-working office space, and North High Brewery, a microbrewer of craft beer. Atop of the brewery and co-working space would be 35 market-rate apartment units.
The concept of a co-working space alongside a brewery is not new to North High Brewing and COhatch. The duo has an existing relationship in Ohio where they opened a facility together.
The COhatch concept launched in late 2016 in the Columbus, Ohio area. It focuses on owning, developing and operating technology-enabled smaller footprint co-working locations of 10,000-20,000 square feet in suburban/urban neighborhood business districts.
“The COhatch concept does not focus on large city central business districts, as the larger players do,” according to Equity’s presentation to the CRA board.
The COhatch space in Clearwater would be 11,000 square feet.
COhatch is also planning to open co-working hubs in St. Pete, West Tampa and Lakeland.
Earlier this year, COhatch bought a former hotel building at 15 8th St. N. in St. Pete for one of its sites.
Meanwhile, the North High Brewing facility would occupy 4,500 square feet on the ground floor.
North High Brewing’s partnership with COhatch has brought the opportunity to expand into new markets and additional locations planned in Cleveland, Cincinnati, Indianapolis and Tampa.
The breakdown of the projected revenues for the developments:
- COhatch Creative Offices: $2.08 per square foot per month
- North High Brewing Co.: $2.08 per square foot per month
- Residential Apartments: $2.33 per square foot per month
Equity will provide 25% cash equity and will borrow the remaining 75% from one of three short-listed lenders that have funded projects with the group in the past, according to the presentation.
Equity also requested to use the CRA-owned, 60-space parking lot at the corner of Cleveland Street and South Martin Luther King, Jr. Avenue for 10 years. It also requested to use $250,000 incentive funds for outdoor amenities and greenspace preservation for the project.
Construction for the mixed-use development is expected to break ground next September and be completed in 2024, according to the presentation.