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Dustin DeNunzio Of The DeNunzio Group And David L. Picket Of Gotham Organization Acquire Development Site For $9.3M

Property Image
SOLD
$9,300,000

Florida

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Development Site
Sold 01/07/2025
the dealdetailscomps
Property Image
SOLD

Dustin DeNunzio Of The DeNunzio Group And David L. Picket Of Gotham Organization Acquire Development Site For $9.3M

300 Cleveland Street

See Similar Deals
Development Site
Sold 01/07/2025
the dealdetailscomps

Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

A development site located at 300 Cleveland Street in Clearwater has been sold. The transaction was completed for $9,300,000. The site was previously the Harborview Center, and there are plans for a Hilton Tapestry hotel featuring 158 keys, retail space, and a rooftop bar in proximity to Coachman Park. Construction will be overseen by Kast Construction and is estimated to take two years.

Summary of transation details:

  • Property Type: Development Site
  • Transaction Amount: $9,300,000
  • Buyer: Dustin DeNunzio - The DeNunzio Group; David L. Picket - Gotham Organization
  • Seller: Bruce Rector - The City of Clearwater

The City of Clearwater facilitated the sale of the former Harborview Center site. The project aims to enhance the area with new developments, and scaled-down plans for an adjacent parcel are still pending, indicating ongoing development in Clearwater.

Details

SOLD
IMAGE: Bruce Rector, David L. Picket & Dustin DeNunzio DATE: 01/07/2025 ADDRESS: 300 Cleveland Street MARKET: Clearwater ASSET TYPE: Development Site BUYER: Dustin DeNunzio - The DeNunzio Group; David L. Picket - Gotham Organization SELLER: Bruce Rector - The City of Clearwater SALE PRICE: $9,300,000 NOTE: The City of Clearwater sold the former Harborview Center site to The DeNunzio Group and Gotham Organization for $9.3 million, advancing plans for a Hilton Tapestry hotel with 158 keys, retail space, and a rooftop bar near Coachman Park. Construction, led by Kast Construction, is expected to take two years, with scaled-down plans for an adjacent parcel still pending.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$496,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$33,040.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$44,086.74
Annual Debt Service$529,040.94