Newly built Clearwater apartment complex commands $46.8M

A new apartment complex in downtown Clearwater with vacant ground-floor retail space sold for $46.8 million.

The price equated to $182,101 per square foot for the  257-unit Nolen apartment complex, which opened last year.

The rental property on Cleveland Street in downtown Clearwater sold with an 85 percent residential occupancy rate.

But the property’s 11,500 square feet of vacant retail space was part of the appeal of The Nolen to the buyer, NM Residential.

Michael Niedherst, president of Orlando-based NM Residential, wants to convert the empty store space on the ground floor to an indoor “street” market with food vendors, a winery or brewery, and an outdoor gathering space.

The original developer of The Nolen paid $2.5 million for the city-owned development site in 2014.

The city also contributed funds to defray development costs, including $700,000 of cost reimbursement to build out space for retailers at the bottom of The Nolen.

Any retailers who occupy space at The Nolen could face competition across the street at Apex 1100, a high-rise that could open as soon as September 2019 with 6,00 square feet of ground-floor retail space. [Tampa Bay Times] – Mike Seemuth