Aqua by the Bay has a controversial history. Developer ready to start building homes
After more than a decade of battling its way through the Manatee County approval process, and several lawsuits, the Aqua by the Bay project is finally set to begin construction.
Aqua One Builders, LLC recently closed a $12 million builder line of credit with American Momentum Bank to help finance the construction of homes. The credit line will enable Medallion Home to build the development’s first community, a gated residential neighborhood called Aqua that will include 104 upscale single-family homes.
“This project is transformational for West Bradenton,” Carlos Beruff, owner of Medallion Home and one of the partners of Aqua One Builders, said in a press release. “We’re excited because we have the largest tract of waterfront land on the west coast of Florida, with 13,000 feet directly on Sarasota Bay, and that makes this community unique.”
Aqua by the Bay is a 529-acre master-planned development located on Sarasota Bay, and El Conquistador Parkway south of 53rd Avenue West. The development will include commercial, retail and residential areas, with plans for 2,384 multifamily units and 510 single-family homes.
The Aqua community will include a 4-acre lagoon with a floating dock and beach where residents and guests can swim, paddle-board and kayak in the lagoon.
Aqua will offer three models of homes, which range in size from 2,448 to 3,923 square feet, priced from the $600,000s.
Originally called Long Bar Pointe, the project proved contentious throughout its approval process with the planning commission at one point recommending it be denied. In 2016, the developer agreed to settle a lawsuit with Manatee County if the county backed away from a requirement for it to pay for El Conquistador Parkway construction, and taking easements and rights of way without compensation.
In 2018, An administrative law judge recommended that the state move forward with issuing Long Bar Pointe LLLP a mitigation bank permit near the Aqua by the Bay site. This finding came after a two-day hearing in December 2017 in which opponents told Judge D. R. Alexander that the Florida Department of Environmental Protection wrongly issued the permit.
Petitioners Suncoast Waterkeeper, Florida Institute for Saltwater Heritage and former Manatee County Commissioner Joe McClash believed that the 260-acre piece of land is too healthy to fit the definition of a mitigation bank, a piece of disturbed wetlands that the landowner buys, clears of exotic vegetation and has assessed for credits.
County Judge Gilbert Smith later struck down a lawsuit by Suncoast Waterkeepers, and others that allowed the project to move forward. There is precedent that the public is not entitled to due process without being a party in the case, Smith ruled.
Porter Smith, Tampa Bay market president of American Momentum Bank, called the Aqua community arguably Beruff’s most ambitious project to date.
“We wanted to work with American Momentum because we like expanding our relationships and I was impressed with Porter,” Beruff said. “He knew what he was talking about and he got the big picture quickly. He recognized the potential for a longstanding relationship on a project that will dominate West Bradenton for the next 10 to 15 years.”
Horizon Mortgage Corp. of Sarasota was also involved in helping Aqua One Builders secure the $12 million builder line of credit. Kelly Gilliland, executive vice president of Horizon Mortgage, has worked with Beruff for more than 15 years, assisting Medallion Home with acquisition and development financing for several subdivisions, builder lines of credit, and the financing of its office building/design center.
“Carlos has successfully provided luxurious semi-custom homes and beautiful, family-friendly neighborhoods for thousands of residents in our area,” Gilliland said. “He is a developer and home builder who truly cares and wants to do things right. I’m proud to have the opportunity to help provide him financing for Aqua, as ultimately it will benefit many families within our community.”
This story was originally published November 6, 2020 at 10:48 AM.
