Housing and retail will replace Florida boat ramp parking. See what's planned
But the plans have set off backlash from residents. An online petition created in April 2021 garnered nearly 4,000 signatures opposing development of the property.
In June, city of Palmetto leaders picked Mosaic Development's proposal to build the $53 million project. The development could be completed by the end of 2028, officials say.
The proposed project would transform the 3.4-acre site on the corner of Eighth Avenue West and Riverside Drive into a six-story building with 155,652 square feet of apartments, 5,000 square feet of retail space and 5,000 square feet of amenities.
'The building is phenomenal. I really love the building, I love the concept,' Palmetto Commissioner Scott Whitaker said at a recent meeting.
Amenities will include a deck with a pool and a two-level parking garage for residents and retail customers. The parking garage will be the base of the building and, overall, there will be about 368 parking spaces.
What to know about the Manatee River complex
Mosaic is no stranger to the 'urban style vertical living lifestyle' the company pitched for this project. The developer's portfolio includes projects like the recently completed Nine20 Manatee apartment building in downtown Bradenton and similar projects in Sarasota, Tampa and St. Petersburg.
The residential portion of the project will consist of 152 one-and two-bedroom units 'to respond to the current marketplace demand of apartment living and help to create a critical mass of residents to support the growing popularity of the City of Palmetto,' according to the presentation.
The average rent would be $2,177 per month.
Controversial boat ramp parking
Al three residents who spoke at a June Community Redevelopment Agency meeting on the proposal opposed the project. One of the common issues: the loss of boat parking space.
Mosaic's plan includes 22 boat trailer parking spaces on the side of the building.
'The boat trailer parking, it could be cumbersome,' Commissioner Whitaker said at the meeting, adding that there is still room to navigate how boat trailer parking would be addressed.
Palmetto apartment construction timeline
The 3.4-acre parcel used to house a Shell gas station. After the CRA purchased the land for $1.1 million in 2012, the agency received funds from the U.S. Environmental Protection Agency and $300,000 in tax credits to clean up the site.
On May 19, CRA board members ranked each developer's proposals based on 11 categories, and Mosaic's plan received the highest number of points.
Then, on June 2, the board voted 4-1 in favor of Mosaic's plan to be selected for this project.
Next comes seven weeks of negotiation before the plan comes back before the CRA board. City commissioners can use that period to talk to the developers individually to address any questions or concerns.
After that, design could begin in September and last through May. The construction goal is to complete the project around August 2028, according to the presentation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
6 hours ago
- Associated Press
City of Lakeland Selects RMA to Revitalize Midtown CRA with Comprehensive Redevelopment Plan Update
POMPANO BEACH, Fla., July 8, 2025 (SEND2PRESS NEWSWIRE) — RMA ( ) a leading economic development firm, has been awarded a contract by the City of Lakeland to spearhead the strategic modification of the Lakeland Community Redevelopment Agency (CRA) Midtown District Redevelopment Plan. This initiative will encompass a thorough analysis of existing conditions, the implementation of performance measures, and the establishment of updated goals and objectives. 'RMA is honored to partner with the City of Lakeland on this transformative project within their largest CRA District,' stated Christopher Brown, RMA Principal. 'We are committed to enhancing the quality of life and fostering seamless connectivity within the Midtown community. Our planning will prioritize purposeful development and stimulate strategic economic growth, thereby attracting private investment and the creation of jobs for Lakeland's residents.' The Midtown CRA, spanning a substantial 4,463 acres, extends from the intown bypass (Bartow Road) to Interstate-4. This expansive area is anchored by the prominent Medical District, the iconic Joker Marchant Stadium, and the recently revitalized Mass Market. Encompassing over 27 diverse neighborhoods with many active neighborhood associations, Midtown represents a significant opportunity for strategic redevelopment. RMA brings extensive experience to this project, having successfully consulted with numerous cities, counties, and CRA Districts across the state. The firm specializes in developing comprehensive economic development and redevelopment plans that leverage each area's unique strengths, while driving sustainable growth and enhancing the quality of life for residents. About RMA: Founded in 2009 by Kim Briesemeister and Chris Brown, RMA is comprised of a phenomenal team of leading experts in economic development, real estate for governments, marketing, urban design, and financial analysis. RMA, headquartered in Pompano Beach, Florida is a highly experienced, full-service economic redevelopment consulting and management firm, specializing in revitalizing core areas and corridors for cities, counties, and special districts nationwide. The co-founders are also the authors of one of the definitive books about city redevelopment, 'Reinventing Your City: 8 Steps to Turn Your City Around.' Learn more: MEDIA CONTACT: Kay Renz [email protected] NEWS SOURCE: RMA (Redevelopment Management Associates) Keywords: Economic Development, RMA, Midtown CRA, Redevelopment Plan, City of Lakeland Florida, Kim Briesemeister and Chris Brown, POMPANO BEACH, Fla. This press release was issued on behalf of the news source (RMA (Redevelopment Management Associates)) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P127519 APNF0325A To view the original version, visit: © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
Yahoo
21 hours ago
- Yahoo
1 Dividend Stock to Buy if the CRA Tightens TFSA Rules
Written by Amy Legate-Wolfe at The Motley Fool Canada If you're worried the Canada Revenue Agency (CRA) might tighten Tax-Free Savings Account (TFSA) rules, you're not alone. More Canadians are using their TFSAs to grow wealth, which has drawn attention from the taxman. If contribution caps get stricter or investment guidelines change, having a low-volatility, dividend-paying stock could offer peace of mind. In that case, I'd consider Metro (TSX:MRU) one of the best dividend stocks to buy. It may not be flashy, but it's a reliable way to generate steady, tax-free returns inside your TFSA. Metro is one of Canada's largest food and pharmaceutical retailers. It operates well-known banners like Metro, Super C, Food Basics, and the Jean Coutu pharmacy chain. The retailer has a strong presence in Quebec and Ontario, with over 950 food stores and more than 650 drugstores. That size and reach give it pricing power, brand recognition, and operational efficiency. It's not just selling groceries; it's selling daily essentials that people need no matter what's happening in the market. That reliability is backed up by solid numbers. Metro released its second-quarter fiscal 2025 earnings in late April. Revenue came in at $4.91 billion, up 5.5% from the same period in 2024. Net income reached $219.4 million, and earnings per share (EPS) landed at $1.02. While the dividend stock saw a slight dip in profit from the previous quarter, its margins remained healthy, and same-store sales growth was positive across both grocery and pharmacy segments. This shows Metro is managing inflation well, controlling costs, and passing through price increases when needed. What really makes Metro attractive for TFSA investors is its dividend. Right now, it pays $0.37 per share quarterly, which adds up to $1.48 annually. At a share price of about $106, that's a yield of roughly 1.4%. It's not the highest yield on the TSX, but it's extremely consistent. Even better, Metro has increased its dividend every year for the last 29 years! It has a payout ratio of just 32%, meaning it uses less than a third of its earnings to pay the dividend. That leaves room for reinvestment and future hikes. If the CRA changes the rules on how much you can contribute or the type of stocks allowed, Metro still fits comfortably. It's Canadian, stable, and doesn't involve high-risk trading strategies. You don't need to worry about being penalized for overactivity or speculative investments. Metro does the heavy lifting. You just collect the dividends, tax-free, while the stock grows steadily in value. The grocery and pharmacy retailer has also been modernizing. Metro has invested heavily in automation and e-commerce, including a new distribution centre in Terrebonne, Quebec. Online grocery orders are rising, and Metro is staying competitive with rivals. It's not just resting on its past success. It's adapting for the future while keeping its balance sheet strong. Analysts currently have a consensus rating of 'hold' on Metro, but that doesn't mean it's a poor investment. It means the dividend stock is fairly valued and expected to perform steadily. That's exactly what many TFSA investors want: predictable performance and a reliable return. You're not buying Metro to double your money overnight. You're buying it to grow your wealth consistently and safely. In uncertain times, the CRA's attention to TFSAs might increase. But that doesn't mean you need to avoid investing. It just means you need to invest smarter. Metro offers a safe harbour. It's a dependable business with a strong dividend, a solid financial foundation, and a long history of performance. And right now, even a $5,000 investment could bring in $69.50 each year! COMPANY RECENT PRICE NUMBER OF SHARES DIVIDEND TOTAL PAYOUT FREQUENCY TOTAL INVESTMENT $105.44 47 $1.48 $69.56 Quarterly $4,955.68 If new rules limit how aggressive you can be in your TFSA, a stock like Metro helps you stay compliant without sacrificing long-term growth or income. That's why if the CRA tightens TFSA rules, I'd put Metro at the top of my buy list. It's not just a good grocery stock; it's a smart way to protect your TFSA. The post 1 Dividend Stock to Buy if the CRA Tightens TFSA Rules appeared first on The Motley Fool Canada. Before you buy stock in Metro, consider this: The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Metro wasn't one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years. Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the 'eBay of Latin America' at the time of our recommendation, you'd have $24,927.94!* Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 30 percentage points since 2013*. See the Top Stocks * Returns as of 6/23/25 More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
a day ago
- Miami Herald
Housing and retail will replace Florida boat ramp parking. See what's planned
A six-story apartment complex with retail space has been tenatively approved to rise along the Manatee River on land that had been used for boat ramp parking. But the plans have set off backlash from residents. An online petition created in April 2021 garnered nearly 4,000 signatures opposing development of the property. In June, city of Palmetto leaders picked Mosaic Development's proposal to build the $53 million project. The development could be completed by the end of 2028, officials say. The proposed project would transform the 3.4-acre site on the corner of Eighth Avenue West and Riverside Drive into a six-story building with 155,652 square feet of apartments, 5,000 square feet of retail space and 5,000 square feet of amenities. 'The building is phenomenal. I really love the building, I love the concept,' Palmetto Commissioner Scott Whitaker said at a recent meeting. Amenities will include a deck with a pool and a two-level parking garage for residents and retail customers. The parking garage will be the base of the building and, overall, there will be about 368 parking spaces. What to know about the Manatee River complex Mosaic is no stranger to the 'urban style vertical living lifestyle' the company pitched for this project. The developer's portfolio includes projects like the recently completed Nine20 Manatee apartment building in downtown Bradenton and similar projects in Sarasota, Tampa and St. Petersburg. The residential portion of the project will consist of 152 one-and two-bedroom units 'to respond to the current marketplace demand of apartment living and help to create a critical mass of residents to support the growing popularity of the City of Palmetto,' according to the presentation. The average rent would be $2,177 per month. Controversial boat ramp parking Al three residents who spoke at a June Community Redevelopment Agency meeting on the proposal opposed the project. One of the common issues: the loss of boat parking space. Mosaic's plan includes 22 boat trailer parking spaces on the side of the building. 'The boat trailer parking, it could be cumbersome,' Commissioner Whitaker said at the meeting, adding that there is still room to navigate how boat trailer parking would be addressed. Palmetto apartment construction timeline The 3.4-acre parcel used to house a Shell gas station. After the CRA purchased the land for $1.1 million in 2012, the agency received funds from the U.S. Environmental Protection Agency and $300,000 in tax credits to clean up the site. On May 19, CRA board members ranked each developer's proposals based on 11 categories, and Mosaic's plan received the highest number of points. Then, on June 2, the board voted 4-1 in favor of Mosaic's plan to be selected for this project. Next comes seven weeks of negotiation before the plan comes back before the CRA board. City commissioners can use that period to talk to the developers individually to address any questions or concerns. After that, design could begin in September and last through May. The construction goal is to complete the project around August 2028, according to the presentation.
