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CLEARWATER, FL-Sandpearl Resort, Spa and Residence, a $170-million development that isn’t breaking ground until August, is bringing smiles to its lead lenders, Bank of America and AmSouth Bank. Developer JMC Communities of St. Petersburg has sold all of the 103 condo homes in the project’s first phase for total gross sales of $150 million at prices ranging from $600,000 to $4.4 million. The sales were completed in two days.

Eight hundred prospective buyers registered to bid for the homes, leaving refundable reservation deposits of $40,000. The sales “confirm that there is a genuine interest in this type of residential lifestyle on Clearwater Beach,” says JMC CEO J. Michael Cheezem. Sales for the second 50-unit phase are scheduled for early August.

Sandpearl will comprise a 15-story, 153-unit condo tower; a 253-room hotel; 9,000 sf of retail; and 10,000 sf of meeting and event space. The 5.5-acre tract has 700 lineal feet of beachfront. Sandpearl will be developed just south of the existing Clearwater Beach Hotel, an historic local landmark.

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