Pink Palace Deal Fizzles at DDA workshop

BRADENTON – In a surprise move, the Bradenton DDA returned a much lower than previously expected offer for assisting with the possible renovation of the Manatee River Hotel, dubbed the "Pink Palace." The developer, Widewaters Group Inc., had hoped to secure at least $3.8 million to assist with a renovation of the badly dilapidated property in downtown Bradenton.

Two weeks ago, the board unanimously voted to fund another $15,000 for a consulting firm to continue negotiations, which were in the $4 million range at the time, down from more than $6 million initially, leading most observers to expect Tuesday's meeting to yield a deal in that ballpark.

Instead, the board offered only a $1 million facade grant and a smaller grant for street improvements along with tax abatements for a total of around $1.85 million in assistance. Members of the board cited multiple concerns with the deal, including a lack of transparency, while also pointing to pessimistic projections regarding the DDA budget, which the earlier package would have put into deficit for several years. The developer indicated that they did not see a renovation as feasible at those numbers. The future of the building now remains uncertain.

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