CLEARWATER, Fla. — Miami-based Coral Rock Development Group and Arena Capital Holdings have acquired Prospect Towers, a senior living high-rise in the Tampa suburb of Clearwater, for $13.5 million.
Positioned in an Opportunity Zone, the 17-story building features 208 independent living units. The 2.3-acre property is located near the Intracoastal Waterway and Memorial Causeway.
Coral Rock Development Group and Arena Capital Holdings plan to jointly upgrade the aesthetics of the common areas throughout the property as well as enhance the interiors of a portion of select units. Innovation Senior Management will manage operations of the building on behalf of the owners, and will also implement new services for residents including home health, physician visits, and educational and social programs.
Coral Rock Development Group and Arena Capital Holdings are also jointly developing the recently announced Pura Vida Hialeah, a nine-acre mixed-use development in the suburbs of Miami.