The Commercial Real Estate Alpha Site

Article via the Bradenton Times <—- Click here for complete article and similar stories.

Half-acre to be donated for boat ramp parking

Palmetto officials have selected a partnership comprised of St. Petersburg and Bradenton development firms to build a six-story apartment complex on the Manatee River, which once served as unofficial public parking for a popular boat ramp. Mosaic Development (St. Petersburg) and NDC Development (Bradenton) will build the $53 million project.

Palmetto’s plan to sell the property was met with significant public opposition. An online petition created in April 2021 garnered nearly 4,000 signatures in opposition to surplus selling the property. The Palmetto Community Redevelopment Agency announced last month that it had accepted the winning proposal, which the developers plan to complete before the end of 2028.

The project would develop 3.4 acres on the corner of Eighth Avenue West and Riverside Drive and include 152 one-and two-bedroom units, 5,000 square feet of retail space, and 5,000 square feet of amenities. The site boasts views of both the Manatee River and the Gulf of Mexico.

Mosaic Development is a multifamily developer based in St. Petersburg with a portfolio that includes several similar projects within the state. The proposed project features a U-shaped, six-story structure comprising two levels of parking beneath four stories of 152 multifamily residential units.

Above the parking deck, approximately 10,000 square feet of additional building area will be constructed. Half of that space (5,000 sq. ft.) will house amenities, including a 24-hour fitness center, package delivery lockers, a gaming lounge, a coffee bar, and a co-working lab designed for residents who work from home but prefer a professional environment outside their apartment.

The developer states that the remaining 5,000 square feet will be allocated for a rooftop restaurant and retail space, providing panoramic waterfront views. Residents will have access to a heated pool, outdoor lounge, and kitchen area. The development will also feature public art installations showcasing local talent.

As part of the plan, the developer states that it will either reserve a half-acre portion of the site for public boat trailer parking or purchase adjacent land to be donated to the city for that purpose.