Developer plans 6-story apartment complex along Manatee River in Palmetto
A six-story mixed-use development could transform Palmetto’s riverside community in 2028.
Gray Property Group is proposing a “landmark mixed-use development that forges a brighter figure for Palmetto.” The project would bring 80 apartments, a public parking garage and retail space to the Riverside Drive area along the Manatee River.
The $60 million development would be built on two lots — 320 10th Ave. W. and 336 10th Ave. W. — totaling 1.7 acres in downtown Palmetto. Gray Property Group is set to buy one of those parcels from the City of Palmetto for $1.1 million.
Nick Gray, managing principal of Gray Property Group, said he anticipates the project will be open by the end of 2028, depending on a few items that need to be taken care of. The project’s tentative name is “Marina & Main,” and Gray hopes the project will bring new economic opportunities and blend with Palmetto’s character.
New apartment complex coming to Manatee River
Gray Property Group’s vision for the six-story mixed-use development includes apartments, public parking and retail, topped with a rooftop pool. Marina & Main will have a modern Mediterranean style which Gray said would fit Palmetto’s waterfront.
“This would be a dynamic contribution to downtown Palmetto,” managing principal Nick Gray said at the March city commission meeting. “It would act as a catalyst for more projects of this nature to come in, and it would have numerous public benefits.”
In the plans are 80 apartments, mainly two-and-three-bedroom units, that would be called The Residences at Marina & Main.
There will also be 320 covered parking spaces, with 100 reserved for the city as public parking. Palmetto officials agreed to contribute $3.5 million for public access to those spaces.
According to Gray, about 19,000 square feet of retail space called The Shoppes at Marina & Main will be included, mainly on the first floor. Tenants have not been selected, but possibilities include sports bars, craft breweries, satellite banks, boutiques and health and beauty businesses, a previous Gray Property Group presentation said.
“It would be beautiful there,” Palmetto Mayor Dan West said of the project. “It would be a great project for Palmetto, that’s for sure.”
$60 million complex planned in Palmetto
Gray Property Group has offices in New Hampshire and Sarasota, but, according to their website, most of their properties are in New Hampshire. The group’s portfolio includes smaller-scale apartment complexes and duplexes.
West said the commission discussed the portfolio in early meetings before he took office earlier this year, but that Gray addressed any concerns commissioners had.
“I think everybody felt comfortable with it, with his answers and discussion, with moving forward,” West said.
Gray said his property management experience started with a small duplex in New Hampshire, but has expanded his portfolio to include about 700 units. He also recently bought a 28-unit complex in Sarasota.
Gray found Palmetto during visits to the St. Petersburg and Sarasota areas, and, as he progressed into his real estate career, realized the opportunity in Palmetto.
“It kind of marinated in my mind that this is an untapped market that is well located right between St. Petersburg and the Sarasota-Bradenton area, and has a lot of natural beauty,” Gray said. “I feel like I was able to get a really original look at the market and at the area, and I’ve always seen a lot of potential there.”
Though his portfolio is mainly smaller-scale properties in New England, he feels ready to take on a project of this magnitude.
“This is a step above what I’ve accomplished before, but I think it’s a natural progression for someone at my point in my career,” Gray said.
Developer ‘committed’ to Marina & Main project
At the March city commission meeting, commissioners approved the sale contract with a 4-1 vote with Commissioner Harold Smith dissenting.
Before the vote, commissioners raised concerns with a clause in the contract that allowed Gray Property Group to seek monetary compensation for damages if the commission decides to back out at the last minute.
“What’s unique is that the seller — the city — could change its mind and choose not to go forward with the project for reasons that have already been well discussed,” Gray said at the meeting.
Gray told commissioners that the damages clause would go into effect if the contract goes through due diligence, the deed restriction is removed and engineering and design are complete but then the commission decides they don’t like an aspect of the project and deny the final approval.
Commissioners agreed the provision was concerning, and would have made the city liable to repay Gray Property Group for work they had done up to the point of plans not getting approved. Those costs could have included hundreds of thousands of dollars in design and architectural engineering fees.
Gray assured commissioners that the clause was meant as an assurance so that his risks would be minimized, and the commission approved the sale contract after clearing up some of the language.
“I’m committed to building this project,” Gray assured commissioners. “If the city allows me to do it, it’s going to get done.”
Another mixed-use development coming to Palmetto
The Renaissance at Riverside project is another multi-million development planned for Palmetto’s Riverside Drive.
A proposal for a six-story apartment complex with retail space was approved by the Palmetto Community Redevelopment Agency in June. Mosaic designed the $53 million project to include 152 apartments, 5,000 square feet of retail space and 5,000 square feet of amenities.
There will be one-and two-bedroom apartments with an average rent of $2,177 per month, developers say.
The plan also includes 22 boat trailer parking spaces on the side of the building to address community concerns about the development eliminating existing parking for boaters.
According to the proposal, the development could be complete by the end of 2028.
