The highly anticipated transformation of the Vero Beach waterfront is taking a bit longer than expected, as the developers behind the ambitious Three Corners project have requested—and received—a third extension to finalize negotiations. ClearBlue Holdings, the company tasked with redeveloping 38 acres of city-owned waterfront property at the base of the 17th Street Bridge, now has until October 12 to finalize their agreement with the city.
At a recent September 8 meeting, the Vero Beach City Council reluctantly granted the 30-day extension. The decision came after Vero Beach City Manager Monte Falls initially planned to take a hard line with the developers. In a stern September 1 email, Falls reprimanded ClearBlue for failing to supply critical financial and planning documents necessary to move the massive project forward.
The Vero Beach City Council has granted ClearBlue Holdings a third 30-day extension, pushing the negotiation deadline to October 12, as the city and developers work to finalize a complex 99-year lease for the 38-acre Three Corners waterfront redevelopment.
Prior to the meeting, Falls had demanded that the developers submit several key pieces of information to ensure the city’s interests were protected. These missing elements included:
- A revised concept plan for the waterfront district
- An updated and realistic construction schedule
- A comprehensive business pro forma
- Official documents proving that a sufficient financial plan is firmly in place
Fortunately for the project’s timeline, Falls reported to the council that most of the requested documents were supplied just before the meeting, and he later confirmed to the Vero Beach 32963 publication that all outstanding financial disclosures had finally been received. Furthermore, a minor administrative hurdle regarding the developer’s corporate registration with the Florida Department of State was resolved. While an initial fictitious name filing for ClearBlue Holdings LLC was rejected, an active and accepted filing for ClearBlue Holdings VB1 LLC satisfied the city’s legal requirements.
The path to redeveloping this prime real estate—which houses the decommissioned Big Blue power plant and an active city sewer plant slated for a 2028 demolition—has been winding. The current development coalition includes Clearpath Services, which originally bid on the project in 2021 before the process was canceled due to a Request for Proposal (RFP) violation. Upon rebidding, Clearpath merged forces with Madison Marquette, the financial backers of a rival group known as The Blue, to officially form ClearBlue.
The formal negotiation window originally opened on March 11 for a 120-day period. Because crafting a 99-year lease and an extensive development agreement is highly complex, the city has had to grant consecutive extensions. The finalized deal will allow ClearBlue to lease the land for nearly a century to construct a vibrant, nautical Florida-themed waterfront district featuring a hotel, a marina, diverse dining options, retail shops, and numerous public amenities.
Despite the grand vision, local residents and city leaders are beginning to express impatience. Council member Linda Moore emphasized the need for tangible progress, pointing to the stalled King’s Landing project in neighboring Fort Pierce as a cautionary tale of waterfront developments losing momentum.
Randy Lloyd, a principal of Clearpath Services and ClearBlue Holdings, reassured the council of their unwavering dedication. He noted that the team’s subcommittees are actively working through complex environmental and permitting requirements for the marina and have already completed a hotel market study. Lloyd stated that the development group remains incredibly excited and is committed to doing whatever it takes to reach the finish line.
Finally, City Manager Monte Falls laid to rest local rumors suggesting that ClearBlue was attempting to purchase the land outright to secure better financing. Falls firmly clarified that selling the property would be a direct violation of the Vero Beach city charter. While the charter does allow for the potential sale of a small parcel west of Indian River Boulevard that was once leased by the U.S. Post Office, Falls confirmed there have been no discussions regarding the sale of any property. The city remains fully committed to a long-term lease, keeping this valuable waterfront asset under local ownership for generations to come.
