PENSACOLA, FL-The City of Pensacola has selected CBRE to implement a revitalization plan that includes marketing vacant or underutilized properties around its Community Maritime Park, the Port of Pensacola and the Pensacola International Airport.
CBRE’s Public Institutions and Education Solutions Group was appointed to market for ground lease, joint ventures and public-private partnerships more than 300 acres of land surrounding those city assets. The real estate services firm announced its selection on Wednesday
CBRE’s Michael McShea and Lee Ann Korst will lead the marketing effort in collaboration with other CBRE professionals who specialize in hotel, marina, residential, industrial and retail properties.
The portfolio includes approximately 15 acres at the Community Maritime Park, a world-class waterfront mixed-use development opportunity adjacent to a minor league baseball stadium that is home of the Pensacola Blue Wahoos. It is a prime location for mixed-use, hotel and marina development, CBRE officials state. Approximately 23 acres of land and 200,000 square feet of warehouse space are available at the Port of Pensacola, a deep-water port located in a Free Trade Zone and State Enterprise Zone that benefits from CSX rail support and proximity to the interstate system and airport. Approximately 350 acres of land are available for new development at the Pensacola International Airport, a public airport that connects 1.5 million passengers each year with service from American, Delta, Silver, Southwest, United, US Airways and UPS Cargo. The parcels are ideal for MRO facilities, cargo handling, aviation, commerce and mixed-use.
The assignment was awarded to CBRE following its completion of a “highest and best use” feasibility study last summer that concluded that a strategic approach to development of under-utilized city assets could spur economic development. In addition, the study found that Pensacola’s particular attributes—a minor league baseball team and a deep-water port, among them—are valuable economic drivers that make redevelopment viable.
“A world-class deep-water port and airport are unique assets and key economic drivers, and by proactively marketing these assets to users and developers, the City of Pensacola has an opportunity to optimize its real estate development potential and revitalize both its downtown and other areas,” says CBRE’s McShea. “I believe that Pensacola can compete with any city in the world, and I am serious about m
arketing our city’s assets to a global audience. CBRE has the resources to help us leverage these properties to bring new business, investment and jobs to Pensacola,” adds Pensacola Mayor Ashton Hayward.