After 18 months of wrangling, the New York-based Widewaters Group agreed to an offer by the Bradenton Downtown Development Authority and – with a few loose ends – will proceed with restoring the historic Manatee River Hotel.

Brian Long, Widewater's director of development, confirmed the agreement and said he has notified the DDA. "We have accepted their terms. We've come to an agreement everybody can live with," he said. "We're excited beyond belief," said Dave Gustafson, the DDA's director. "The downtown core is the heart of the community and this is an icon."

The company plans to restore the exterior fascade and first floor back to its 1920s elegance. Long said the previous owner stripped the other floors of historical elements. Widewater can proceed to create a 115 hotel with modern rooms and suites. The company plans to own and operate the facility as a Hampton Inn and Suites franchisee. One element of the restoration could prove a little controversial. Widewaters plans to return the building to its original color, which Long called "beige-ish." Locals have long called the building "the pink palace" for its exterior paint scheme.

The total cost for the project is $15 million, and the DDA will provide $1 million in cash once the deal is finalized. The agreement now goes to the DDA board on Nov. 8 for ratification, assuming the city attorney can write up a contract by that time. If not it would go before the DDA one week later. Although approval by the Bradenton City Council is not required, it will have to vote on the critical detail of parking plans. It does have the power to veto DDA plans, but that seems unlikely in this case. Last Tuesday, the Council received a short briefing on the DDA's proposal, and gave unanimous consent to proceed.

Widewaters acquired the property in July 2010 through a foreclosure proceeding from Regions Bank. Long estimated the rehabilitation will cost about $9 million. Where historical elements are missing or dilapidated, replicas are available from companies specializing in historical architectural pieces. Many of the windows will be replaced, for example, with historic reproductions but using energy-efficient glass.

Assuming the DDA board and City Council approve, construction may start in April 2012, with the official ribbon-cutting in April 2013.