"We expect this project to be the next successful luxury condominium development in

Clearwater," said Riley in a press release. "With a terrific location on the Intracoastal Waterway, combined with all the amenities high-end condo owners expect, we believe this community will be a hit with buyers."

Kast Construction, a construction company with various offices in South Florida, will be the general contractor on the project with BC Architects in charge of design, and Kimley-Horn in charge of engineering.  The project is expected to break ground in early 2023, and will be complete by summer of 2024.

RSR plans to work with Gensler, an architectural services company, and B3 Communications to create a brand and name for the community while also partnering with a luxury real estate company soon to handle sales. Presales will begin in the fall of 2023. 

"People are continuing to move to Florida and buying higher-end properties," Riley said. "We also expect to get demand from people who are in older high-end homes in areas like Belleair and Clearwater Beach who would like to be in a brand-new, best-in-class condo on the water."

Interest in luxury properties in west Florida remains high despite higher mortgage rates impacting lower and mid-priced properties. While higher mortgage rates are impacting lower- and mid-priced properties in west Florida. Riley says the recent sellout of the Serena by the Sea condominium community on Sunset Point Road, just north of the Clearwater Marina District is evidence of that continued interest.

RSR has also reached an agreement with sellers in the Clearwater Marina District to buy 15 aggregated parcels ranging in size from 0.3 to 3.5 acres, in a site area that includes 21 total acres. The company plans to close on other parcels in the coming months.