Monday, September 15, 2014

Big Plans for Downtown Pensacola~

Big Plans for Downtown Pensacola~
New mixed-use developments in Downtown Pensacola excite local residents!

Downtown Pensacola FL Blue Wahoos
Fun at a Blue Wahoos Game at Community Maritime Park
With the recent success of Palafox Market, Gallery Night, and  al Fresco, local developers and entrepreneurs are continuing to push forward a movement to revitalize the Downtown Pensacola area! 

The latest announcement in a string of good news for Downtown Pensacola includes a proposed $50 million dollar, mix use building at the site of the old Pensacola News Journal building. 

The development, spanning the block beginning at the intersection of Jefferson and Romana, a mere block from Palafox St., is an optimal location for this type of development which is targeting young professionals and empty nesters.
Downtown Pensacola FL Palafox St.
Downtown Pensacola~ Palafox St.

Current plans for the building include:
  • Parking
  • High density apartments
  • Common areas
  • Office & Retail space
While the Studer's are still ironing out the apartment details, reports indicate there could be between 200 and 300 apartments, with 1, 2, and 3 bedrooms.  The average square foot of an apartment may be around 850 square feet.  Proposed rental rates are reported to be $1.50 a square foot, or about $1,275 for a 850 square foot unit.

To read more details about the proposed plan, visit Progress + Promise: http://www.progresspromise.com/blog/redeveloping-pensacolas-urban-core 

In an effort to see this development move forward, the Pensacola City Council voted this week to grant an Economic Development Ad valorem Tax Exemption.

New YMCA in Downtown Pensacola
The property owners, Quint and Rishy Studer, have also donated the adjacent vacant lot to the YMCA and are working to support the YMCA to build their new facility right next door to this development. This project alone is exciting news for Downtown Pensacola as we expand our efforts to bring Pensacolians outdoors together to enjoy our historic, waterfront downtown. 
 
Other new Downtown Pensacola Developments
Other new developments downtown include:
One51Main coming to Downtown Pensacola!
  • Three story mixed development located on Pensacola Bay at One51 Main St., just a few blocks from Community Maritime Park.  Beck Properties, a large commercial real estate agency, is constructing this for their new office and will also include additional include retail and office space including the developer, dining, parking, and four lofts. For more information, visit http://one51main.com/ or call John Fifer (850) 477-7044.  The project is expected to be completed by Spring 2015.

  • 70,000 square foot building coming to the West Florida Tech Park located adjacent from the Pensacola Bay Center

  • Possible sale of the city owned Hawkshaw property. The City Council has been reviewing bids on the Hawkshaw property, a 2 acre vacant parcel located at Ninth Ave. and Romana St.
Perhaps my favorite new proposed development is a project that would create a ferry system to transport between Downtown Pensacola near Palafox Pier to Pensacola Beach and Fort Pickens.

This is all exciting news for Downtown Pensacola, don't you think?

Nicole St. Aubin, Broker Associate
Realty Masters of FL~ #1 in Pensacola Property Management
4400 Bayou Blvd. #58B, Pensacola, FL 32503
Call us at (850) 473-3983

Over 45 Pensacola Rental Homes at 
www.PensacolaRealtyMasters.com

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