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Developer Fred Gunther has announced final pricing for the residential lots planned for the Galveztown development in downtown Pensacola, along with construction incentives for early buyers.

Gunther is developing the Galveztown project on the site of the former downtown Pensacola YMCA on the corner of Palafox and Belmont streets. Gunther and development partner Brad Myers acquired the property for $700,000 last January after the YMCA moved into a new $16 million facility. While they plan to convert other buildings on the site to restaurant and office uses, the former YMCA building has been demolished to make way for nine planned residential lots.

The Galveztown development is planned for the site of the former downtown Pensacola YMCA, located at 400 North Palafox Street. The building has now been demolished. (Derek Cosson/The Pulse)

The residential lots will sell for $165,00 to $175,000, Gunther announced Friday, less than the $195,000 to $210,000 range previously projected. Gunther is also offering a $20,000 construction incentive to the first four buyers to close on one of the lots and begin construction within six months.

“We are proud to be a part of downtown Pensacola’s continued positive transformation and look forward to helping others enjoy the downtown lifestyle,” Gunther said.

The site plan for the Galveztown development. (Gunther Properties/Special to The Pulse)

The project’s name is derived from Bernardo de Gálvez, the Spanish military leader who recaptured Pensacola from the British in a siege during the Battle of Pensacola in 1781. Gálveztown was the name of Gálvez’s ship, which he reportedly sailed into Pensacola Bay — under threat of British cannon fire — when other Spanish naval commanders were unwilling to do so. The British surrendered the city after Gálvez’s artillery caused a powder magazine to explode at Fort George, directly across modern-day Palafox Street from where the Galveztown development will be located.

Gunther also announced an agreement with Gulf Power to place utility lines on the site underground. That work is expected to be completed within four to six weeks.

For more information about the development, visit galveztown.net.

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