Palmetto Approves $53 Million Riverfront Apartment Complex
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. Mosaic Development of St. Petersburg and NDC development of Bradenton will construct the $53 million project.
The plan to sell the property faced significant public opposition, with an online petition garnering nearly 4,000 signatures against the surplus land sale. The Palmetto community Redevelopment Agency announced last month that it had accepted the winning proposal, which the developers aim to complete before the end of 2028.
The development will span 3.4 acres at the corner of Eighth Avenue West and Riverside drive.It will feature 152 one- and two-bedroom units, 5,000 square feet of retail space, and 5,000 square feet of amenities. The site offers views of both the Manatee River and the Gulf of Mexico.
Mosaic Development, a multifamily developer based in St. Petersburg, has a portfolio including several similar projects across Florida. The proposed structure is U-shaped and six stories tall, with two levels of parking beneath four stories of residential units.
Above the parking deck, approximately 10,000 square feet of additional building area will be constructed. Half of this space will house amenities, including a 24-hour fitness center, package delivery lockers, a gaming lounge, a coffee bar, and a co-working lab.
The developer plans to allocate the remaining 5,000 square feet for a rooftop restaurant and retail space, offering panoramic waterfront views. Residents will have access to a heated pool, outdoor lounge, and kitchen area. The development will also incorporate public art installations showcasing local talent.
As part of the agreement, the developer will either reserve a half-acre portion of the site for public boat trailer parking or purchase adjacent land to donate to the city for this purpose.
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