Developer qualifies for tax credits to build senior living housing on Bradenton's 14th Street West

BRADENTON -- A developer has qualified for tax credits through the Florida Housing Assistance Corp. to possibly to turn more than three vacant acres along 14th Street West into housing for senior citizens.

The 3.61 acres at 1715 14th St. W. is adjacent to the United Way. It has long been vacant and a hub of homeless activity. According to plans, the developer wants to build a 72-unit facility called the Grand Palms.

Ohio-based developer Tim Morgan qualified for about $1.3 million in tax credits to help finance the $15 million project.

Morgan's application was the only Manatee County project approved out of six this past cycle and only the second in four years. Morgan has similar developments in Kentucky, Detroit and the Magnolia Gardens in Brooksville. Morgan, president of the Jonesboro Investments Corp., filed the application under the name JIC Grand Palms LLC.

He presented his plans for the property to the city more than 18 months ago, with the stipulation the project would not go forward without the tax credits. The city also pledged $37,500 in federal community development block grants if the tax credits were approved.

Morgan could not be reached for comment Friday.

Morgan had said he intended to close this week, but has until Aug. 16. Morgan qualified for the CDGB funds because the project is within the 14th Street West Community Redevelopment Agency district.

According to the Manatee County Property Appraisers Office website, the property remains in the hands of the original owner, Sarasota-based Bonus Properties LLC, and is valued at $285,856.

If the Grand Palms are built, it would generate $30,461 for the city in impact fees, $13,118 in police impact fees, $128,742 in road impact fees and $15,233 in water fees.

As part of the CDGB backing, the city also is requiring the developer to invest $69,624 toward a public art project on the property.

Mark Young, Herald urban affairs reporter, can be reached at 941-745-7041 or follow him on Twitter @urbanmark2014

This story was originally published May 8, 2016 at 11:17 PM with the headline "Developer qualifies for tax credits to build senior living housing on Bradenton's 14th Street West ."