Bradenton CRA approves incentives to advance 367‑unit downtown redevelopment

The Bradenton Community Redevelopment Agency voted unanimously to direct staff to draft an agreement offering sustainable redevelopment incentives to AmRES Investments LLC (spelled “Ameris Investments LLC” in the motion on the record) for a proposed 367‑unit mixed‑use development at 500 Fifteenth Street West in downtown Bradenton.

"Good afternoon, everybody. Chris Manjon, CRA manager. So we're really excited to, present this to you. It's a great opportunity for the downtown CRA," CRA Manager Chris Manjon said as he described the application and how it aligns with the agency's goals.

The applicant estimates total construction costs at about $130 million and a stabilized value of $175 million, with construction targeted for completion in the second quarter of 2028. The CRA staff presentation projects roughly $26 million in gross CRA increment revenue over 12 years, with developer reimbursement estimated at approximately $21 million and the CRA’s net shared project returning just over $5 million to local taxing jurisdictions over that period.

Manjon described the incentive structure as a base reimbursement tied to an estimated 12 percent of the improvement value, with bonus incentives for items such as micromobility, urban canopy, public art, low‑impact development, workforce housing components and flood resilience. "The application features incentive add ons for sustainable redevelopment, including parking, micro mobility, and CPTED," Manjon said.

Paul Callahan, representing the applicant and identified in the record as representing the Alan Morris Group, said the project is still in the application stage and that a traffic study would be submitted later. He also said the applicant is under contract with Manatee County for the parcel and that the county is expected to consider an amendment to shorten the contract close window to 720 days.

CRA staff explained how the reimbursement would be paid from future increment revenue after appraisal and certificate of occupancy, not from existing trust funds. According to staff, a higher percentage split in favor of the developer (described in the presentation as up to an 86/14 split) speeds reimbursement to the developer but does not change the underlying 12 percent base used to calculate incentives; the final amounts and exact terms will be set in the contract after appraisal and certification.

Board discussion focused on parking, financing risk, and whether the project should include a larger workforce‑housing component. Councilwoman McCarthy and other board members asked how the project would influence downtown amenities such as grocery retail; staff and other members stressed that residential density is one factor among several that can attract retail.

A motion was made to approve the application and direct CRA staff to work with legal counsel to draft a detailed agreement codifying the terms as presented, and to return the contract to the board for final review and consideration. The motion passed unanimously; the transcript records the outcome but does not list individual roll‑call votes.

Next steps: CRA staff will draft a binding agreement setting the appraisal, certificate‑of‑occupancy triggers, bonus incentive conditions and remedies if performance commitments are not met, and will return the draft to the board for final action.