A mid-rise office tower in downtown Pensacola is undergoing its first major renovation in more than 30 years. The eight-story One Pensacola Plaza tower located at 125 West Romana Street will be modernized for new incoming tenants and will receive more than $1 million in upgrades.
The renovations will involve installing new elevators, windows, HVAC systems, restrooms, and interior updates, according to the building’s owner, Duckworth Realty, who has owned the property since 2000.
One Pensacola Plaza, not to be confused with the One Palafox Place development currently undergoing renovations on Garden and Palafox streets, has been a fixture of the downtown skyline for more than 30 years but its owners say they are reinvesting in the 115,000 square foot building in a big way.
“This is really market driven,” said Ted Duckworth, President of Duckworth Realty. “If we’re going to own this property for another ten years, we’d like to keep it updated and competitive within the rapidly growing Pensacola market.”
“If you go to competing buildings in town, you can see they’re pretty dated,” Duckworth added. “We like to think we can continue to push the growth of the market.”
With the new updates, Duckworth said a host of new tenants will move into the building, which currently is about 97 percent occupied and anchored by Pensacola-based Coastal Bank & Trust. Pensacola-based law firm Clark Partington will move its headquarters to the new 56,000 square feet office building on Intendencia and Jefferson streets downtown in 2017. The firm currently occupies about 20 percent of One Pensacola Plaza.
With the move of Clark Partington across downtown, the early 20th-century era warehouse adjacent to the tower will also become available sometime in 2017 for redevelopment.
“We would like to convert it to a different use, which is currently storage,” said Duckworth. “We’ve got a restaurant group that’s looking to do some kind of concept and I think it would bring some energy to this block, which is still pretty quiet with all the office buildings.”
“We’re encouraged with all the ideas and we think we have a lot of flexibility,” Duckworth added.