Cloud deployments now increasingly exploit Field-Programmable Gate Array (FPGA) accelerators as part of virtual instances. While cloud FPGAs are still essentially single-tenant, the growing demand for efficient hardware acceleration paves the way to FPGA multi-tenancy. It then becomes necessary to explore architectures, design flows, and resource management features that aim at exposing multi-tenant FPGAs to the cloud users. In this article, we discuss a hardware/software architecture that supports provisioning space-shared FPGAs in Kernel-based Virtual Machine (KVM) clouds. The proposed hardware/software architecture introduces an FPGA organization that improves hardware consolidation and support hardware elasticity with minimal data movement overhead. It also relies on VirtIO to decrease communication latency between hardware and software domains. Prototyping the proposed architecture with a Virtex UltraScale+ FPGA demonstrated near specification maximum frequency for on-chip data movement and high throughput in virtual instance access to hardware accelerators. We demonstrate similar performance compared to single-tenant deployment while increasing FPGA utilization, which is one of the goals of virtualization. Overall, our FPGA design achieved about 2× higher maximum frequency than the state of the art and a bandwidth reaching up to 28 Gbps on 32-bit data width.