Pensacola’s Old Sports Building Sparks Developer Interest
On Monday, April 15, the Pensacola News Journal reported significant developments regarding the old Pensacola Sports building located at 101 W. Main St. The city has received interest from four developers eager to transform the property, which has been vacant since Pensacola Sports relocated to the Pensacola State College campus last year. This initiative is part of a broader strategy by the city to revitalize the area and maximize future property tax revenue.
The City’s Vision for the Property
The city of Pensacola is actively seeking proposals for the "highest and best" use of the former sports headquarters. Unlike the ongoing project at the Pensacola Motor Lodge, which aims to provide affordable housing, the city is looking for a development that will enhance the vibrancy of the downtown area. The goal is to attract projects that not only generate revenue but also contribute to the community’s overall appeal.
In January, the Pensacola City Council, acting as the Community Redevelopment Agency board, authorized the issuance of letters of request to gauge developer interest. Alongside the old sports building, the adjacent Harbourview on the Bay building and a three-level parking deck were also listed for sale, indicating a comprehensive approach to urban redevelopment.
Developer Proposals
The four developers who submitted letters of interest include the Derbyshire Group, Goshen Cornerstone, Kerioth Corporation, and Waterview Hotel Development LLC. Each proposal varies in scope and detail, reflecting different visions for the site.
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Derbyshire Group: Based in Miramar Beach, this developer owns the nearby Harbourview on the Bay. They propose either a hotel or a mixed-use retail center that could include commercial and multi-family units. A notable aspect of their proposal is the request to close Baylen Street to facilitate a pedestrian-friendly connection between their existing properties and the new development. However, Mayor Reeves expressed skepticism about this idea, emphasizing the city’s commitment to maintaining public access to the waterfront.
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Goshen Cornerstone: This partnership between Alexander Goshen and Cornerstone Strategic Partners aims to construct an 80-unit multi-story residential building. Their proposal stands out as the only one that includes a commitment to affordable housing, with 20% of the units designated for individuals earning 100% of the area median income. In exchange for this commitment, they seek a long-term lease at a nominal rate of $1 per year.
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Kerioth Corporation: Based in Ridgeland, Mississippi, Kerioth envisions a mixed-use development that could encompass retail, restaurant, office, hospitality, and residential spaces. Their proposal is contingent upon a future market study to determine the most viable uses for the property.
- Waterview Hotel Development LLC: Led by local investors, including Bob and Dave Cleveland, this group has put forth the most detailed proposal. They plan to build a $66 million AC Hotel by Marriott, featuring at least 150 rooms and a dedicated parking garage.
Next Steps in the Process
As the city evaluates these proposals, Mayor Reeves has indicated a desire for thorough financial assessments to ensure that the selected developer has the capacity to fund their project. The city will also need to advertise the property for 30 days to allow for additional proposals before making a final decision.
Reeves has stressed the importance of moving quickly to avoid prolonged delays in development. "We want to see vertical construction," he stated, emphasizing the need for tangible progress on projects that have been in limbo for too long.
Conclusion
The interest in the old Pensacola Sports building marks a pivotal moment for downtown Pensacola. With four developers vying for the opportunity to shape the future of this property, the city stands at the brink of potential transformation. As the evaluation process unfolds, the community eagerly anticipates the new developments that could breathe life into this historic area, enhancing both its economic viability and its appeal as a vibrant urban center.