More affordable housing in Manatee County is a step closer to reality after Harvey Vengroff closed on the Knights Inn for $4.4 million on June 30.
The property, located in the Southwest County Tax Increment Finance District, last sold for $1.5 million in November 2014. Its 2016 tax year assessed value is $3 million. The 7,500-square-foot hotel was built in 1974.
Vengroff, a wealthy Sarasota County businessman who has transformed several motels into affordable housing, plans to redevelop the motel, 2303 First St., Bradenton, into furnished apartments with water, electricity and cable to rent for $625 a month. Vengroff has previously estimated the renovations at the 240-room property will cost about $1.5 million.
The first 60 apartments could be done by the end of August, Vengroff said in May.
In June, the county commission approved a rezoning request, which made way for Vengroff to purchase the property and begin the transformation.
The zoning change also allows Vengroff to build two-bedroom apartments on the five extra acres adjacent to the Knights Inn.
“We just need affordable housing, and Manatee County has been very cooperative in helping us create it,” he said in May.
Business reporter Janelle O’Dea contributed to this report.