The Grand Bellagio
Sales & Marketing: Del American
Construction Lender: Regions/US Bank
Construction Loan: $60,000,000
Sale Value: $73,085,000
The Grand Bellagio at Baywatch is located off US Hwy 60 at 2701 Via Cipriani in Clearwater, Florida, located directly on Old Tampa Bay. Del American developed the property as apartments and converted it to condominiums using credit enhanced conventional financing via a standby purchase agreement. The community was awarded "The Best Garden Apartment Community Finalist by NAHB in 2003". The property was built as 3 story garden style breeze way buildings with an Italian architectural style featuring 10 floor plans, 1 to 3 bedrooms, ranging from 1020 sf to 2235 sf, averaging at 1450 sf. Amenities included a 8500 sf exceptional club house, fitness center, luxury pool with Cabana, 24/7 Guarded Entry, 1.5 mile boardwalk, 54 boat slips, a tennis court, sand volley ball and in building and detached garages. The units sold out in 18 months with pricing from $175 to over $500k.