Over the past five years, Quint and Rishy Studer have been responsible for much of the redevelopment that’s taken place in downtown Pensacola, and they’re not done yet.
Construction is underway on Studer Properties’ latest project, a four-story mixed-use office building on the corner of East Intendencia and South Jefferson streets. The $14.3 million, 56,000 square foot building will feature retail and restaurant space on the first floor, with Class A office space on the second through fourth floors.
Studer Properties president Andrew Rothfeder said Wednesday that the building has already signed an anchor tenant. The Clark Partington law firm will occupy the building’s top two floors.
“After the success of Maritime Place office building, we were approached by Clark Partington, who was looking for a new space,” said Rothfeder. “This really was a situation where the primary tenant was looking and we had property available.”
The new building will be located next to the recently completed Bear Levin Studer Family YMCA and across the street from Studer’s Southtowne Apartments development, a $52-million 258-unit mixed-use project. With those adjacent projects, plus Palafox Street a block away and the Historic District nearby, Rothfeder says the new office building is “another piece in the puzzle.”
Construction of the new building will create an estimated 200 local construction jobs and officials expect it to support around 100 permanent jobs once completed. The project will generate an estimated $300,000 in property taxes for the City of Pensacola, Escambia County, and local schools.
Rothfeder said that as with other projects developed by Studer Properties, the new office building will adhere to a self-imposed requirement to engaged local and minority contractors and laborers. This “Covenant with the Community” approach has been used on other Studer projects, including the Maritime Place office building, the Five Sisters renovations, Devilliers Square updates, as well as the Southtowne project.
Financing for the project, handled through Smartbank, closed October 20, with Morette Construction beginning initial work the same day. The new building, designed by Bay Design Associates, is expected to be completed December 2017.
Those interesting in leasing office or retail space in the new office building should contact Beck Partners at (850) 477-7044. For more information on Studer Properties, visit their website or find them on Facebook.