Pink Palace Deal is Near

She’s a grand old lady and already a landmark when the 1920s roared. She is a silent witness to this city's history.

But now she’s derelict, with windows boarded up as the city tries to preserve her.

This week, the downtown Manatee River Hotel — — received the best news in decades.

The Bradenton City Council on Wednesday night unanimously agreed with a offer to the Widewaters Group of Syracuse, NY, for . The group wants to rehabilitate the grand old dame. The Widewaters representative seemed to agree to the terms.

The action followed a unanimous vote of the Downtown Development Authority (DDA) on Tuesday to offer a “term sheet” of financial incentives to the redeveloper.

It calls for $1 million in cash, 15 years of tax adjustments (worth perhaps $1.5 million), and streetscape improvements of about $100,000.

This is far less than prevous negotiations. The Widewaters Group initially asked for more than $6 million in cash and tax breaks. Last night Brian Long, director of development for the redeveloper was cautiously optimistic. After the councilconsensus to proceed with the DDA’s terms, he spoke with Bradenton Patch.

“This is the first time the DDA has approved a deal with us,” he said. “And the city commission seems supportive. Now we need to talk to our partners.”

The resolution could come quickly. The city attorney is drawing up a development agreement to go before the DDA and Widewaters on Nov. 8. If the stars don’t align, the agency’s executive director says Nov. 15 is the back-up date. 

Long will present the details to his group and its financial backers for consideration. “We’d like to reach an agreement with the DDA very quickly,” he said after the city council's action. 

The Widewaters Group would turn the historic building into a Hampton Inn Suites hotel with 115 rooms and suites. He estimates it is a $15 million project for his company. If all goes well — with no surprises — Long said construction could start in the Spring of 2012, with completion a year later. 

The exterior design would remain virtually unchanged. Inside it would become a modern hotel. He noted — unlike most 1920s-era hotels — it would not contain a public bar.  

He called the DDA term sheet “a true example of public-private partnership.” It involves the U.S. Park Service, brownfield credits from the State of Florida, plus agreement with Manatee County, the DDA and the City of Bradenton. “I am very encouraged by the positive steps over these past two days,” he said. 

Vice Mayor Patrick Roff said the economic impact of a rejuvenated “Pink Palace” could exceed $2 million per year. “Even half that would be worth the investment we’re looking at,” he said. “I’m excited about saving that historic building. It’s a beautiful building.”

Saving the building would be a coup for Bradenton. Every other historic high-rise hotel south of Tampa Bay is gone. Most were wood and burned down. The concrete John Ringling Towers in Sarasota was razed to make way for a Ritz-Carlton hotel.

Ward One Councilman Gene Gallo waxed nostalgic as the commission discussion gathered into a concensus. “I used to go to dances on the roof of that building,” he said.