After several months of unanticipated delays, the highly anticipated mixed-use apartment development led by Quint Studer is officially moving forward. The $52 million downtown Pensacola project is now on track to break ground this spring.
Quint and Rishy Studer finalized the financing for the project this afternoon in downtown Pensacola. The development — located in the heart of a former enterprise zone — has faced postponements largely due to uncertainty surrounding its eligibility for a key tax incentive program.
Earlier this month, Florida Governor Rick Scott signed legislation revising the Economic Development Ad Valorem Tax Exemption (EDATE), which allows qualifying enterprise zone businesses to receive significant tax relief. With the revised legislation in place, Studer’s project is now eligible, allowing an exemption of nearly $600,000 annually in property taxes through 2025.
The project is being developed by Studer’s company, Daily Convo, and is a major investment in downtown revitalization. Hancock Bank will provide $32 million in financing, while the Studers are personally contributing $20 million in equity — a sign of their strong commitment to the city’s urban core.
Doster Construction, the general contractor for the development, has already received a permit to begin foundation work. Groundbreaking is expected within the next one to two months, with full-scale construction beginning by early summer.
According to the development schedule, the first units will be delivered by May 2017, and full project completion is anticipated by Winter 2017.
Once complete, the project will add approximately 260 rental apartments to downtown Pensacola, accompanied by ground-floor retail, office space, and a 500-space public/private parking structure — addressing long-standing parking limitations in the area.
“This development is more than just housing — it’s a catalyst for continued growth and vitality in downtown Pensacola,” said a Studer Community Development Group spokesperson.
The project is expected to draw new residents, businesses, and visitors to downtown Pensacola, aligning with other urban revitalization efforts already underway in the area.