Developer obtains $47M loan for apartment conversion at Bradenton mall

A North Carolina developer has secured a $47 million loan to build an apartment community on the site of the former DeSoto Square Mall in Manatee County.

Madison Capital Group, the developer, says the construction loan allows it to begin work on the planned 240-unit community immediately, with plans to finish it in early 2026.

The loan was from the Peachtree Group.

The community — Madison Bradenton — will be built on 7.5 acres of the former mall site southeast of what was once the Sears store. That Sears is now a Go Store It self-storage facility, also developed by Madison.

DeSoto Square, which opened in 1973 and sat on 57.86 acres in Bradenton, closed in 2021 after years of decline and after its previous owner, DeSoto Owners LLC, filed for bankruptcy. Once a gathering spot for local residents, it was about 40% occupied at the time of the filing.

The property was sold in a bankruptcy auction later that year for $20 million to the mall owner’s lender, Romspen US Master Mortgage. Romspen sold it to a Tennessee developer for $25.7 million in 2022.

A purchase price for Madison’s 7.5 acres was not immediately available in Manatee County public records.

The new apartment community will be made up of five four-story buildings, two carriage homes and a clubhouse, Madison says.

According to its website, Madison Communities, a subsidiary of Madison Capital, has completed 2,000 units in 15 cities and has over 4,000 units under construction. Four of its properties are in Florida, two in the Orlando area and one each in Pensacola and Brevard County.