Downtown News

The dynamic growth of downtown Pensacola is paving the way for new property investments. Already we’ve seen great response from the new Deluna Park and forward movement of the Vince Whibbs Sr. Community Maritime Park. Condo developments like 111 Spring Street, Lofts at Alcaniz Center, Lofts on Intendencia, and Court of North Hill are revitalizing the residential living options. Likewise, many new developments are underway for commercial use.

Gunther Properties stays up to date on the latest downtown news:

4/23/10 Maritime Park Construction Budget OK'd - PNJ

Jamie Page • jepage@pnj.com • April 23, 2010

The Community Maritime Park Associates board
today approved a $12.1 million construction budget
outlining how to spend tax credit proceeds on
additional enhancements for the park site.

It includes money for things like the amphitheater, a
breakwater and marina, playground, dredging,
grand monument entryway, Spring Street entry
bridge, DeVilliers Promenade, South Park, and
upgrades to several park amenities in the base $38
million budget.

While the CMPA and the development team —
Maritime Park Development Partners — have come to
terms on the tax credit budget figures, there will be
constant revisions along the way.

The total $12.1 million budget for enhancements
now includes an anticipated $11,489,999 in
proceeds from federal New Market Tax Credits, and
a $600,000 commitment from local businessman
Skip Hunter for the amphitheater.

The board today also approved the University of
West Florida’s park leases.

One lease is for the maritime museum site, multi-
cultural center and marine services center, and a
second lease covers the amphitheater.

The museum lease says the university has five years
to begin construction on it, and it would need to be
complete in two years, for a total of seven years to
have it built.


If it is not built within seven years, both leases for
all four structures would be terminated, the lease
says.

If the museum is built during the seven years, then
the timeline for the other structures is 10 years for
completion, said Interim CMPA Director Ed Spears.

UWF President Judy Bense has said it is expected to
be three to five years before the university can raise
enough money to start construction on the museum.

"Today was a good day in that we all seem to be on
the same page," said City Councilwoman Megan
Pratt, who is a CMPA board member. "There were
some questions but we all basically feel we are
moving forward at this point."

Meanwhile, CMPA attorney Ed Fleming said he will
continue working through the weekend with
Pensacola attorney Robert Emmanuel with the
expectation of completing a draft design-build
contract by the end of Tuesday.

This contract would allow MPDP to act as the
general contractor in addition to being the
developer.

That would meet the deadline imposed by Ed Gray,
who is administering the tax credits. Gray said he
must answer to the tax credit investors, U.S. Bank,
each week to update them on what progress is being
made and a draft of the contract must be ready for
his meeting Thursday.

However, the contract would not go to a vote of the
CMPA and the City Council until it has been vetted
and agreed upon by city staff.

-Pensacola News Journal