Bradenton boosts funding for affordable housing project that’s facing rising costs
Bradenton officials have approved additional funding of $500,000 for an affordable housing developer that is battling against rising construction costs to complete the project.
Earlier this year, Bradenton City Council agreed to help fund the 80-unit Riverview6 development coming to the southeast corner of Sixth Avenue West and Ninth Street West in downtown Bradenton, but the project will cost much more than the builder first expected.
When Housing Trust Group, a Miami-based developer, proposed the 5-story affordable housing complex, the group estimated that it would cost about $22 million to build, but the latest projections show that it will cost around $28 million.
In order to make the project work, HTG applied for $4.6 million in emergency funding from state officials, but the company said it also needed additional help from Bradenton’s Community Redevelopment Agency. Bradenton officials had already approved $1.3 in total assistance in February.
“To put it simply, the pizza pie got bigger and we’re looking for more ingredients to fill those slices appropriately and the $500,000 in extra assistance would really, really, really go a long way here,” said Dilia Tabora, HTG’s vice president of development.
Bradenton’s City Council and CRA voted unanimously on Wednesday to approve HTG’s request.
City leaders have praised HTG for its contribution to providing affordable housing throughout Manatee County. The developer owns and operates The Addison, 702 Sixth Ave. E., Bradenton, and the Oaks at Lakeside Apartments, 5260 34th Street Cir. E., Bradenton.
City leaders said they had no issue with supporting the company’s latest affordable housing development.
“These are indeed strange times,” Councilman Patrick Roff said at the meeting Wednesday. “I think it’s a great project. I’m excited to be part of it, and I have no problem with the request in light of the times we’re in.”
“I know we absolutely need more affordable housing in our city. We don’t see other parts of the community stepping up yet,” added Councilwoman Marianne Barnebey.
Thanks to Bradenton’s contributions, Riverview6 is expected to break ground in October, Tabora said.
Riverview6 will feature one-, two- and three-bedroom units, which range from 600 to 1,100 square feet. Rental rates will be determined based on a tenant’s income, according to federal guidelines. Eligible tenants will be required to earn between $16,000 and $60,000 in total annual income.
When it opens toward the end of 2023, the complex is slated to include 4,000 square feet of retail space on the ground floor, as well as amenities for apartment tenants.
Lease applications will be available next summer. For more information, visit www.HTGF.com.
