Central CRA Business
Funding request from Newstar Development for a proposed revitalization project located at 1801 13th Avenue East
Approve
No
No
Newstar Development is looking to continue its partnership with the Bradenton Central CRA to redevelop a property at 1801 13th Avenue East. The proposed project will transform a 4.76-acre site, currently occupied by a commercial/industrial building, into a new affordable housing community. The development is designed to accommodate up to 105 units within one to three garden-style, three-story buildings. Tailored to serve families, the residential mix will offer up to 105 units with 42 one-bedroom, 51 two-bedroom, and 12 three-bedroom apartments.
To finance this project, the developers plan to utilize Low-Income Housing Tax Credits (LIHTC) and submit an application for the 2026 Revitalization RFA. This specific funding route requires an $84,000 local government commitment, which represents 3% of the tax credit request amount. The total project cost is estimated at $36,743,510, which will be covered by a mix of sources including a $6,400,000 permanent loan, federal tax credit equity, and an NHTF loan. The project timeline targets an RFA submission deadline of November 4, 2026, with a projected financial closing in January 2028, construction completion by July 2029, and full stabilization by December 2029.
Up to $84,000
Recommend the CRA Board approve funding for up to $84,000 for the proposed revitalization project located at 1801 13th Avenue East