After months of unanticipated delay, the Quint Studer-led mixed-used apartment development in downtown Pensacola will break ground this Spring.
Quint and Rishy Studer signed the financing documents for the $52 million project this afternoon in downtown Pensacola.
Earlier this month, Florida governor Rick Scott approved legislation that approved a revision of an economic development ad valorem tax exemption, or EDATE, for certain enterprise zone businesses. Studer’s project, under development by his company Daily Convo, is located in a former enterprise zone in downtown Pensacola.
The EDATE’s status had been in question for several months, delaying groundbreaking of the project, which was initially planned in January. With the incentive in place, Studer will be exempted from paying nearly $600,000 a year in property taxes through 2025, when the EDATE is set to expire.
The Studers will finance the bulk of the project — $32 million — through Hancock Bank. They have committed $20 million in cash for the balance of the project.
Doster Construction, the project’s contractor, received a permit Monday to pour foundations at the site.
Groundbreaking is expected within the next one to two months, with construction beginning early Summer. The first of hundreds of apartments are scheduled for delivery in May 2017 and entire project is expected to be complete in Winter 2017.
Once built, the entire project is expected to add 260 rental residential apartments in the downtown core, along with retail space, offices, and a 500-space public/private parking garage.