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The redevelopment of the Bradenton City Hall property is advancing, following a unanimous city council approval of a master development and purchase agreement on July 24. This agreement paves the way for the sale of the property.
Relocating City Hall and the Bradenton Police Department from the waterfront site opens up significant real estate for revitalization. This initiative to move City Hall off the waterfront and replace it with a mixed-use project has been in discussion for decades.
Vias at Bradenton LLC, the purchaser, will pay $14.1 million for the property, which will entail demolishing current structures to develop a mixed-use project featuring residential, hotel, and commercial/retail spaces, as outlined in the agreement.
L&L Development Group collaborated with the city on behalf of Vias at Bradenton. L&L, founded in 2021 by developer David Levinson, has a West Palm Beach address and a portfolio that includes Coral Grove in Cape Coral and 460 Fern in West Palm Beach.
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“It’s really a transformational project,” says City Administrator Rob Perry. “It showcases the jewel of the city of Bradenton.”
The development plan includes:
- An eight-story building with around 350 apartments
- A 14-story building with 130 hotel rooms, a rooftop bar, meeting space, and a pool deck
- 95 condominiums
- An eight-story parking garage with 700 spaces
- 20,000 square feet of ground-floor retail
- 8,600 square feet of ground-floor restaurants
- 11 on-street parking spots on Barcarotta Boulevard
- Public green space at Tallant Plaza with improvements to Barcarotta Boulevard, the River Walk, and areas around the large oak tree
Perry explains the project’s economic impact: “The construction could generate a $600 million GDP impact for Bradenton over two years.”
“Downtown is our crown jewel for economic development,” Perry noted, pointing out that nearly half of downtown visitors come from outside the area.
Closing Timeline
The real estate deal to redevelop the City Hall property has been years in the making and will take time to finalize.
“This is projected to close within a two-year window,” Perry mentioned before the vote.
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The agreement suggests a closing timeframe from January 2026, with April 2026 as a forecasted date. The city needs time for off-site infrastructure assessments and capacity studies, crucial for estimating mitigation costs. Surveys for the developer are also necessary, Perry explained.
If mitigation costs are prohibitive, the developer can opt out of the deal. Should the purchase proceed, the agreement mandates progress at specific intervals.
“I believe this project will transform our downtown, and change can be daunting,” Vice Mayor Marianne Barnebey expressed, acknowledging that the proposal dates back to the 1990s. “However, it may benefit our city in unseen ways.”
Other council members also voiced support.
Councilwoman Jayne Kocher remarked, “Florida is experiencing growth, and we need to plan accordingly. This project aims to create a vibrant community where people can live, work, and enjoy life.”
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Mayor Gene Brown remarked that the project will redefine Bradenton, allowing people to see it as a vibrant, age-inclusive downtown.
Brown highlighted the lengthy proposal process, which began in 2022 and involved multiple developers before selecting L&L Development Group.
“This has been in discussion for years,” Brown stated.
Future of City Hall and BPD
During the July 24 meeting, the council also approved a construction agreement for the new Bradenton Police Department headquarters with NDC Construction.
The projected $30 to $35 million project will create a 50,000-plus square foot police station, with construction expected to start in December and take 15 to 18 months.
As for City Hall’s new location, Perry mentioned that various options are being considered.
“We’re exploring several properties and potential options,” he stated. “The move will be more straightforward as most of City Hall’s requirements involve office space.”
Perry is confident that they will successfully find a suitable location, whether through new construction, remodeling, or other opportunities.
Key Information
- Agreement Date: July 24
- Buyer: Vias at Bradenton LLC
- Purchase Price: $14.1 million
- Project Cost: $30 to $35 million for new police headquarters
- Expected Completion for Police Station: 15 to 18 months post-December start
- Closing Timeline: January 2026 to April 2026
- Significant Economic Impact: $600 million from project construction
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Article original publish date: 2024-07-29 07:00:00
Article source: www.businessobserverfl.com
Read the full story at the original source: www.businessobserverfl.com
