Pensacolians got a first look Friday at plans for a new four-story bank and office tower planned for Downtown Pensacola.
As we reported last week, an undisclosed buyer is under contract to purchase a 2.4-acre parcel at Garden and Manresa streets that was formerly home to Seville Inn, which closed in 2003 and was subsequently demolished in 2009. Plans for the site’s redevelopment were released Friday by city officials.
The planned 38,000 square foot building would house a new Servis1st Bank branch on the ground floor, with the bank relocating from its current downtown branch near Main and Baylen streets. “Servis1st is looking to move from their branch off Palafox to this property,” said Andy Terhaar, partner and broker associate with Neal & Company, the commercial real estate firm brokering the sale. “The buyer expects to close on the property within 90 days.”
The new building is being designed by Bay Design Associates and will be built by Whitesell-Green, Inc. The project’s architect is asking Pensacola’s Architectural Review Board for conceptual approval of the building at the board’s June 16 meeting.
Terhaar said other tenants are currently being sought for the building as the sale is finalized.
The sale will split the large 4.3-acre vacant property that covered both the former Seville Inn and Capt’n Fun nightclubs sites. The combined property had listed for sale at just over $5 million. Terhaar says the remaining 1.9 acres at Alcaniz and Garden streets is still actively being marketed. “Once this sale goes through I feel the other property will move soon,” said Terhaar. “We’ve received two inquiries from of out-of-town developers who wish to develop the remaining property.”
The proposed building joins several other new mid-rise commercial and mixed-use developments within two blocks of the property, including the $8 million 30,000 square foot Institute for Machine and Human Cognition campus on Romana Street, Space Florida’s 70,000 square foot office tower at the Pensacola Technology Park, the $15 million 52,000 square foot downtown YMCA, a proposed 55,000 square foot office tower on Jefferson and Intendencia streets, and a $50 million mixed use apartment project and parking garage at the site of the former Pensacola News Journal headquarters.