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CRA trustees approve sale of seven parcels to Archway/BDP for a 178-unit affordable housing project
Summary
The Clearwater Community Redevelopment Agency authorized sale of seven CRA-owned parcels to BDP Development Partners (an Archway affiliate) for $2.52 million, to support a low-income housing tax-credit project expected to deliver up to 178 residential units and at least 3,000 sq ft of ground-floor commercial space.
The Community Redevelopment Agency on Aug. 3 authorized staff to execute an agreement to sell seven CRA-owned parcels (approximately 3.13 acres) to BDP Development Partners LLC for an appraised purchase price of $2,520,000. Staff said the developer will pursue low-income housing tax credits and other financing sources to construct a mixed-use, mixed-income development with an initial phase of at least 75 housing units and a total buildout of up to 178 units as financing is secured.
Jesus Nino, CRA executive director, explained that the purchase-and-sale agreement conditions closing on the developer securing required development approvals and financing; the CRA will only convey property when the project is permit-ready and construction-ready. The agreement includes milestone and enforcement provisions and allows staff to approve limited time extensions for financing. Brett Green, president of Archway Partners, said the developer plans to pursue multiple funding sources and will invest in permit-ready construction documents to improve scoring in competitive tax-credit programs.
Trustees voted to approve the agreement and resolution, citing the project’s potential to activate underutilized CRA parcels, expand affordable housing, and return property to the tax roll. The sale is conditioned on the developer securing financing and permits before closing.
