Developer, city reach $10.5 million deal for new housing development
The deal to sell 200 acres of city-owned vacant land adjacent to Bill Evers Reservoir in east Manatee County was in peril just a week earlier but is back on track with an amended contract.
Taylor Morrison home builders will now pay $10.5 million for the land instead of the original offer of $12 million. However, the developer’s request to move 1.5 million cubic feet of dirt and clay from the site to a nearby 40-acre parcel surrounded on three sides by residential neighborhoods was rejected.
“No one was interested in seeing that happen,” said city administrator Carl Callahan. “We relayed that information to them and they came back saying they would like to proceed with their agreement without the 40 acres.”
The amount of dirt and clay that would have been moved would have created a three-story high new mound on the city-owned 40-acre parcel, creating issues for any future development on that site. Ultimately, the decision to reject the developer’s request was due to the inconvenience for surrounding residents.
It’s basically the same offer we approved the first time in money and units. I feel comfortable going with this by not deviating from what we originally approved.
Bradenton Councilman Patrick Roff
The developer reduced the number of proposed units from more than 400 to 340 based on the amount of land that can be developed around what is often called the mound. The soils are heavily laden with clay from the 1985 dredging and expansion of the reservoir to 225 acres.
According to the new agreement, Taylor Morrison will pay $30,000 for every unit above and beyond the 340 proposed units if more housing can fit on the site as it goes through the Manatee County planning process. The developer could end up paying as much as $12 million for the property.
Callahan said the developer has completed the due diligence period and could finalize the amended purchase agreement within 30 days.
Mark Young: 941-745-7041, @urbanmark2014
This story was originally published November 16, 2016 at 1:26 PM with the headline "Developer, city reach $10.5 million deal for new housing development."