BRADENTON -- The Save-A-Lot plaza planned for downtown will take more time than expected.
The Bradenton Central Community Redevelopment Agency's executive director, Tim Polk, said local officials are waiting for all the details to fall in place for the deal to buy the land at 13th Avenue West and First Street where the Minnie L. Rogers Plaza and Retail Center in Bradenton is set to be built.
Once the deal is in place, the land, valued at $745,000, will be transferred by the CCRA to New Start Community Development of Birmingham, Ala.
Polk said the developers are working out a financing deal with a company based out of Tampa.
"We are waiting for commitment letters from the bank and leverage lender and a letter of request on what they want city to do," Polk said.
He said before any construction can take place, the financing deal must be worked out, the CCRA must then approve that deal, before the Bradenton City Council can approve it, as required. Once the financing is finalized and all of the approvals are in place a closing date on the property will be set, said Polk.
"After closing, a time line for development and construction will be established," he said.
A ground breaking ceremony was held last October, but funding difficulties delayed construction.
When construction is complete, the 3.5-acre site will be
anchored by a 16,000-square-foot Save-A-Lot grocery store. Other retailers known to be coming to the shopping plaza include a Five Star Rental furniture store and a local day care and barber shop.
The plaza is projected to cost $7 million to build and take up to 10 months to complete.
Polk could not give an exact date on when construction would start, but the main focus is closing on the property.
Lynette Edwards, CCRA board member and longtime resident, said residents need to understand that when there are a lot of people involved in a deal, it takes time to accomplish.
She said no wants the plaza to happen more than the board members. They're are simply being patient with the process.
"It's a project we know the community wants. We are working to make that happen," Edwards said. "We know it's going to take time."
Janey Tate, city of Bradenton and Palmetto reporter, can be reached at 941-745-7041. You can follow her on Twitter at Janey_Tate.