CLEARWATER, Fla. (November 9, 2017)— Representatives from the city and the development team gathered on November 8 to celebrate The Nolen’s grand opening. Built on a nearly seven-acre property assemblage adjacent to Prospect Lake, The Nolen is the first new multi-family development in downtown Clearwater in more than a decade and will be an ideal addition to the redevelopment of the Cleveland Street District.
The five-building, four-story complex opened with 257 high-end one- and two-bedroom apartments, a fitness center with a yoga room, and a pool, as well as retail outlets facing Cleveland Street. The mixed-use community blends modern living with a full range of activities found in downtown. Other amenities include a clubhouse, dog park, outdoor kitchen and a walking trail in the adjacent Prospect Lake Park.
Mayor George Cretekos was in attendance at the grand opening and spoke about the revitalization of Clearwater. “The Tampa Bay area is one of Florida’s largest and fastest growing tech hubs,” said Mayor Cretekos. “The Nolen community is designed for tech workers who want to live downtown in close proximity to an area poised for revitalization and near Clearwater’s world renown sugar sand beach and recreational activities. These opportunities and entertainment options put a spotlight on our area and on a quality of life that is unmatched by other metro areas of our size.”
“There is not a lot of new supply for an area that has consistently created new jobs, with many of them coming in high-paying industries such as technology,” said Peter Collins, co-founder and managing principal, Forge Capital Partners. “Downtown Clearwater is a great place to work and play and we wanted to build a modern community with an urban feel that would be an attractive housing choice for young professionals. We are excited to help play a role in the revitalization of the area; I think The Nolen offers something that we haven’t seen here in downtown Clearwater in a very long time.”
The development is named in honor of John Nolen, a landscape architect who was one of the original planners for downtown Clearwater and is well known for his emphasis on smart growth and urban development. The joint venture partnership included executives from Tampa-based Forge Capital Partners and Orlando-based Prospect Real Estate Group. Incore Residential, the property management company, will lead residential marketing and leasing.
The Development Team
About Forge Capital Partners – Forge Capital Partners is a diversified, commercial real estate investment and investment management company. Forge and its principals have executed on more than $1 billion in commercial real estate investment transactions over the past decade. Forge is currently developing one other local multi-family project, a 21-story apartment building on Harbour Island in Tampa.
About Prospect Real Estate Group – Prospect Property Group is a seasoned real estate investment firm which was founded in 1994 on the principles of a disciplined investment strategy, judicious use of debt, strong local market knowledge, and our management team’s specialty expertise in vertical development. Prospect’s area of focus is fractured condominiums, multifamily developments, unfinished new construction, and land in prime urban and resort locations throughout Florida. Prospect Property Group is comprised of experts in condominium and single family development. Our combined years of experience and strong diversity of skills in acquisition, legal, finance, sales, marketing, property management, and construction have forged a proven history of realizing significant returns to our investors.
About Incore Residential – Incore Residential is Florida’s premier residential management company that outperforms for both its clients and its residents. With close to 5000 units throughout Florida under its management, Incore’s success is stemmed in its ability to develop and employ customized solutions and strategies specific to each asset. Incore Residential deploys the vast operational systems necessary to succeed in today’s marketplace, while also delivering a tailored and distinguished service to its clients.