The Addison is successful. Affordable housing developer plans new project for seniors
City officials are throwing their support behind a new affordable housing complex for senior citizens with a $460,000 loan.
Housing Trust Group, the affordable housing developer that built The Addison, wants to bring another complex to Bradenton. This time, they’re looking to provide inexpensive housing for residents who are 55 and older.
In a presentation to the Bradenton City Council on Wednesday morning, Dilia Tabora, HTG’s assistant vice president of development, detailed the company’s plan to build an 80-unit complex at the corner of Sixth Avenue West and Eighth Street West in downtown Bradenton. Rent would vary between $400 and $1,200 a month, depending on the person’s income and the number of bedrooms in the apartment.
But the proposal for the new Riverview6 senior living complex depends on Bradenton’s support, City Administrator Carl Callahan said. Because the project relies on tax credits from the state, a government loan from the city of Bradenton would help boost HTG’s application with the Florida Housing Finance Corp.
“It shows we are committed to them and their project. As you all know, we’re really proud of what HTG did down at The Addison,” Callahan explained. “I really can’t picture it being anything other than a great project, if they are successful.”
Riverview6 would be HTG’s third affordable housing project in Manatee County. Aside from the Addison, 702 Sixth Ave. E., HTG is almost finished building Oaks at Lakeside, a 96-unit affordable housing complex at 3505 53rd Ave. E. in Bradenton. According to Tabora, The Addison has maintained more than 95 percent capacity since it opened in 2019.
Renderings detail the Riverview6 complex as a 4- or 5-story concrete complex that includes amenities and resident programs. The project is expected to cost $24 million.
The council voted unanimously to approve the $460,000 loan, which would not need to be paid until 2022, which is when HTG expects to begin construction. HTG would need to repay that loan within 3 years.
“It’s a quality project and we need quality projects to come here and take care of some of our housing,” said Councilman Harold Byrd Jr. “That’s going to really be a good addition here.”
