Downtown Clearwater
Winter l Spring 61
Investment opportunities
also exist within
Clearwater’s Opportunity
Zone, an 851-acre tract
bordered by the intercoastal
waterway on the
west, Drew Street on the
north, Lakeview Road on
the south and Missouri
Avenue on the east.
The Opportunity Zone
Program is meant to spur
qualified investment in
undercapitalized areas
leading to job creation
and business growth.
“Coupled with the
public investments
the city and CRA are
making, the time is right
for opportunity zone
investors to consider
Downtown Clearwater,”
said Denise Sanderson,
Clearwater Economic
Development and
Housing Director.
By investing in a federally
designated Opportunity
Zone, through a
qualifying Opportunity
Fund, investors can defer and/or reduce their federal capital
gains tax liability. These tax benefits increase the longer
investments are held. There is no cap on the amount of
capital that can be invested, and the Opportunity Zone
incentives can be applied to a wide range of investments in
real estate and operating companies.
Clearwater’s opportunity zone is ideal for mixed uses
including residential, office, retail/services, and employment.
In addition to this progress, the CRA and Economic
Development and Housing Department have been working
hard to aid local businesses and individuals suffering
financially due to the COVID-19 pandemic.
Economic Development and Housing issued small business
grants through its Back-to-Business Grant and Professional
Services Program, and is currently offering a Rent, Mortgage
and Utilities Assistance Program.
Last year, the CRA was instrumental in closing two blocks
of Cleveland Street to vehicle traffic in order to promote safe
distance dining outside. The program proved so successful
that the city will be conducting a pilot study to look at the
possibility of keeping the closure permanent. In conjunction
with the road closure, the CRA also conducted a restaurant
voucher program last summer to aid business owners amid
the pandemic.
CRA Director Amanda Thompson said the city’s various
efforts are a proactive approach to revitalization.
“Revitalization is a multi-layered process that takes a lot of
different partnerships and programs to support,” she said.
For more information on the CRA, visit
downtownclearwater.com. For more information on the
Clearwater Opportunity Zone, visit myclearwater.com/
opportunityzone.
/downtownclearwater.com
/myclearwater.com