Financing being planned for Save A Lot plaza in Bradenton

jtate@bradenton.comSeptember 7, 2013 

BRADENTON -- The Bradenton Central Community Redevelopment Agency and developers of the new plaza that will house a Save A Lot grocery are near the end of the underwriting process.

Tim Polk, CCRA executive director, said they were discussing details on the financing Friday afternoon.

"The underwriting process will determine what everyone will need to bring to the table to make the deal work," said Polk.

Underwriting will determine if the developers will be able to finance the project and how they will do so.

Polk said he could not discuss details of the discussion with the developers until the terms are brought before the CCRA board for its approval.

The plaza is projected to cost $7 million to build and up to 10 months to complete,

said Polk.

According to a document that shows the Minnie L. Rogers Plaza and Retail Center financial model, funding the project will require money from multiple sources, including forgivable loans from the CDC of Tampa for $759,375 and from the City of Bradenton for $745,000.

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 the Five Star Rental furniture store and a local day care and barber shop.

The CCRA broke ground on the plaza last October, but construction has not begun. Rebekah Brightbill, Community Redevelopment Agency manager, said it's typical for a deal like this to take time to come together.

"It takes a long time to start commercial projects -- it's going to happen, it's just going to take time," said Brightbill.

Janey Tate, city of Bradenton and Palmetto reporter, can be reached at 941-745-7041. You can follow her on Twitter at Janey_Tate.

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