Bradenton Downtown Development Authority approves purchase agreement for old Manatee Inns property

Bradenton Downtown Development Authority likes idea of affordable housing units on property near Village of the Arts

BRADENTON -- The Bradenton Downtown Development Authority has recommended selling the old Manatee Inns property on 14th Street West to Beneficial Communities for $700,000.

Beneficial attorney Casey Colburn of Sarasota's Colburn Law Firm made final modifications to the agreement. The DDA wants to retain rights to intellectual property such as environmental studies performed on the property. That helps in case Beneficial fails to obtain financing to purchase and redevelop the parcel at 1404 14th St. W., near Village of the Arts into workforce housing.

"We don't have a problem turning over what we can, but we added language that won't set ourselves up for a lawsuit because these studies will be very specific to this project," Colburn said Tuesday.

The concept for the project, which is designed to entice younger adults, includes workforce housing featuring a staggered-roof commercial and residential building fronting 14th Street West and a second row of buildings farther east. An estimated 80 residential units will be built plus open green space in between buildings for pop-up events and public art projects.

The DDA Board was so impressed with the conceptual design presented by Fawley Bryant architect Jason "J.B." Taylor it didn't want to change it at all. Colburn included that intent in the purchase agreement with the understanding financing and permitting issues may force minor changes.

The agreement will now go before Bradenton City Council for approval.

The project remains tied to Beneficial's ability to obtain tax credits or other financing through a state bond issue. Either option would require Beneficial to rent the units as affordable housing.

The average unit rent would be between $400 and $600 a month, and only those with qualified incomes between $24,000 and $37,000 would be eligible to rent.

The agreement outlines a due diligence period through the end of February, giving Beneficial time to pursue funding before closing on the property. The purchase amount will clear the DDA of its $600,000 debt after purchasing the old hotel in 2006 for $1.5 million at the peak of the real estate market.

Mark Young, Herald urban affairs reporter, can be reached at 941-745-7041 or follow him on Twitter@urbanmark2014.

This story was originally published July 29, 2015 at 12:00 AM with the headline "Bradenton Downtown Development Authority approves purchase agreement for old Manatee Inns property ."