Construction to begin on first community in master-planned development – Business Observer

BRADENTON Aqua by the Bay, amaster-planned communityin west Bradenton, has announced plans to begin building the first section of homes in the development.

Aqua by the Bay's debut community, in a gated residential neighborhoodnamed Aqua, will include 104 upscale single-family homes, according to apress release. The builder, Bradenton-basedMedallion Home, throughAqua One BuildersLLC, recently closed on a $12 million line of credit with American Momentum Bank to help finance construction of the homes, the release adds.

This project is transformational for West Bradenton, says Carlos Beruff, owner of Medallion Home and apartner inAqua One Builders, in thestatement. Were excited because we have the largest tract of waterfront land on the west coast of Florida, with 13,000 feet directly on Sarasota Bay, and that makes this community unique.

Aqua by the Bay is a 529-acre master-planned developmenton El Conquistador Parkwaysouth of 53rd Avenue West. The development will include commercial, retail and residential areas, with plans for 2,384 multifamily units and 510 single-family homes. The Aqua community will feature a 4-acre crystal lagoon with a floating dock and beach. Residents and guests will be able to swim, paddleboard and kayak in the lagoon, the release states.

The community will have three models of homes,from 2,448 to 3,923 square feet. Homes are priced from the $600s.

Medallion Home has proven over many years that they are completely in tune with buyer preferences, building both beautiful and functional homes across a broad spectrum of price points, says Porter Smith, Tampa Bay market president of American Momentum Bank, in the statement. The Aqua community is arguably their most ambitious project to date, and we are very proud to be a part of it with them.

Horizon Mortgage Corp.of Sarasota was also involved in helping Aqua One Builders secure the $12 million builder line of credit. Kelly Gilliland, executive vice president of Horizon Mortgage, has worked with Beruff for more than 15 years, assisting Medallion Home with acquisition and development financing for several subdivisions, builder lines of creditand the financing of its office building/design center, the release states.

American Momentum Bank is a Texas-chartered banking association with total assets of $2.7 billion as of Aug.31, the statement says.

Semi-custom home builderMedallion Home Gulf Coast Inc. has builthomes and neighborhoods since 1984.Medallion Home reported $134 million in gross revenue in 2019.

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Construction to begin on first community in master-planned development - Business Observer