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City of Clearwater Opportunity Zone
Census Tract 259.00 (12103025900) – Downtown Clearwater
The Opportunity Zone Program was created as part of the 2017 Federal Tax Cuts and Jobs Act. Opportunity Zones are economically distressed census tracts designated by the U.S. Treasury Department. By investing in an Opportunity Zone, through a qualifying Opportunity Fund, investors can defer and/or reduce their federal capital gains tax liability. These tax benefits increase the longer investments are held. There is no cap on the amount of capital that can be invested and the Opportunity Zone incentives can be applied to a wide range of investments in real estate and operating companies.
The Downtown Clearwater tract contains 851 acres. It is bordered by the Intracoastal Waterway on the west, Drew Street on the north, Lakeview Road on the South, Missouri Avenue on the east.
The northern half of the tract is Activity Center due to its designation as a Community Redevelopment Area (CRA). The southern portion of the tract contains a mixed uses including Residential, Office, Retail/Services, and Employment.
The northern half is Clearwater’s Community Redevelopment Area (CRA) and the City of Clearwater offers unique incentives as part of its CRA program including grant funding for commercial property owners for building improvements. Most of the tract is a state designated Brownfield Area and the entire tract is a NMTC Higher Distress area.
The tract houses both the City and County governments’ center and the County Courthouse. It is a focus of redevelopment efforts through the CRA and Imagine Clearwater, a new master plan to revitalize the Clearwater waterfront. The CRA has tax increment financing funds to assist in the redevelopment and revitalization of the area. Public investments already made include substantial streetscape for Cleveland Street.
There are excellent opportunities for all types of redevelopment in this tract. Downtown offers an urban setting for office, residential, commercial and mixed-use projects.
For more information on the CRA’s opportunity zone, contact Amanda Thompson Jaquez, CRA Director, at 727-562-4072 or email@example.com. For more information on the city’s opportunity zones, contact Denise Sanderson, Economic Development and Housing Director at 727-562-4031 or Denise.Sanderson@myclearwater.com
Letters of Interest
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