AMSOUTH AND BANK OF AMERICA COMMIT A COMBINED $170 MILLION FOR
JMC COMMUNITIES’ NEW SANDPEARL RESORT ON CLEARWATER BEACH
CLEARWATER BEACH- (6/15/2005) - JMC Communities, developers of residential waterfront communities throughout Florida, are pleased to announce that a combined $170 million in loan commitments have been finalized with AmSouth Bank and Bank of America to begin construction of the new Sandpearl Resort, Spa and Residences on Clearwater Beach.
JMC has partnered with AmSouth Bank on other developments including Belle Harbor (Clearwater Beach), Mandalay Beach Club (Clearwater Beach) and Minorca (New Smyrna). Bank of America has provided financing for The Bellamy on Bayshore (Tampa), Florencia (St. Petersburg) and Meridian on Sand Key (Clearwater).
“We are excited to be teaming up with two of the most trusted names in banking for this new project,” said J. Michael Cheezem, CEO for JMC Communities. “We are confident that this resort will play an important role in ushering in a new era for Clearwater Beach tourism. Securing our financial partners is a major step forward in making Sandpearl a reality.”
Plans for the Sandpearl Resort on Clearwater Beach call for a 253-room four-diamond status luxury hotel, featuring an 11,000 sq. ft. full-service spa, fitness center and beach club; fine dining; more than 10,000 sq. ft. of meeting and event space. The Residences of Sandpearl will feature 117 luxury condominium homes, pool, spa, club room, fitness center and 9,000 sq. ft. of retail space on Mandalay Avenue. The total development is situated on a 5.5 acre tract of land including 700 feet of direct beachfront. JMC anticipates commencing construction August 2005 and opening the resort in January 2007 and the residences will be completed in the spring of 2007.
“We at AmSouth are extremely proud to be a part of JMC Communities’ Sandpearl development,“ said Jeffrey Cash, Senior Vice President of AmSouth Bank. “We believe this will be another in a long line of successful communities JMC has developed on Pinellas County’s beaches.”
“Bank of America is pleased to be involved in the creation of another highly regarded JMC community,” said Kimberly A. Graham, Florida North Region Executive of Bank of America. “We’re excited and take great pride in partnering with JMC to further enhance the redevelopment of Clearwater Beach.”
Founded in 1978, JMC Communities (www.jmccommunities.com) is a Florida-based real estate development company specializing in premier waterfront residential properties and resorts that preserve and accentuate the state’s natural beauty and uniqueness. JMC Communities has developed more than 3,700 waterfront condominium homes in Florida, including many highly successful developments in the Gulf Coast area. JMC Communities is recognized as one of the finest multi-family community developers in the state, and has been the recipient of many awards including multiple "Grand Overall Winner" Parade of Homes Awards, the 1998 Builder of the Year by the Pinellas County Contractors and Home Builders Association, the Volusia Home Builder Association’s Waterwise Award, and special recognition from the St. Petersburg City Beautification Commission.
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Media Contact:
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Mary Jane Kolassa
(407) 838-1803
maryjane.kolassa@ypartnership.com
Ypartnership Public Relations
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