VERO BEACH, Fla. — A major step forward is on the horizon for the long-anticipated Three Corners redevelopment project in Vero Beach.
The Three Corners committee has recommended developer Clearpath to lead the transformation of the 38-acre site. However, questions about financing remain as the city council prepares to vote on the proposal later this month.
WATCH: Questions remain about how developer will finance project
Clearpath’s updated plan comes at a lower price tag than its original proposal from years ago. The project aims to bring a mix of amenities that many Vero Beach residents have voiced support for.
“I really hope to see restaurants, maybe a rooftop bar, boat docks,” said Dennis Shandorf, a local resident.
“I’d like to see a walkway along here, people walking, a sense of community, maybe a little bit of housing,” added Bob Fishman.
CLEARPATH'S PROPOSAL
The developer’s plan includes:
- Two hotels with a combined 245 rooms
- Eight condo villas and 11 fishing villa cottages
- A 20,000-square-foot high-end grocery store
- Restaurants, an amphitheater, and a community park
Members of the Three Corners committee have expressed excitement about the project, seeing it as a key step in shaping the city’s future.
“What do I want to have in my city for the next 20 years that I’m around?” said committee member Jeb Bittner.
FUNDING CONCERNS
The $248 million project would be funded through Clearpath leasing the land from the city. However, Bittner says questions remain about how the company will secure financing.
“One capital funder withdrew, and in the interim, they’ve engaged another party. Neither of these parties, as I would say as a developer, have received final commitments from any lender — they don’t typically do that,” Bittner explained.
With financial uncertainties still in play, the city council may ask Clearpath for further clarification before moving forward with negotiations.
WHAT'S NEXT?
Clearpath estimates the project will take five years to complete, with the first phase — including a waterfront village, marina docks, a skate park, parking, residential, and retail space — expected to take two years.
City officials say that if everything stays on track, construction could begin as early as this summer. The final decision will be made on April 22, when the city council votes on whether to approve Clearpath’s proposal.