BRADENTON — The city council took action today to prevent further deterioration of the historic Pink Palace hotel in downtown Bradenton.
In an unanimous vote, the council approved spending $12,700 to board up the building’s windows and doors to protect it from the elements and vandals.
The Riverpark Hotel, 309 10th St. W., has been vacant for more than four years since Riverpark Grande Development Inc. purchased it for $3.5 million.
The company had plans to turn the 84-year-old building first into condominiums and later into a luxury, boutique hotel. The building is affectionately called the Pink Palace because of its distinctive exterior paint color.
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After many failed attempts because of the downturn in the economy to entice investors, the developer defaulted on a $2.625 million loan, leading Regions Bank to foreclose on the building in May.
Tim Polk, the city’s director of planning and community development, said the council’s vote will allow the city to secure and stabilize the building and to protect it from the elements.
“We don’t want the structure to deteriorate to a state of demolition by neglect,” Polk said, “but time is running out, and if nothing happens by next year we may have to reevaluate the situation.”
The city will recoup the expense of boarding up the building by placing a lien on the property.