Bradenton officials have approved additional funding of $500,000 for an affordable housing developer that is battling against rising construction costs to complete the project.
Earlier this year, Bradenton City Council agreed to help fund the 80-unit Riverview6 development coming to the southeast corner of Sixth Avenue West and Ninth Street West in downtown Bradenton, but the project will cost much more than the builder first expected.
When Housing Trust Group, a Miami-based developer, proposed the 5-story affordable housing complex, the group estimated that it would cost about $22 million to build, but the latest projections show that it will cost around $28 million.