The contract grows ResortQuest's management portfolio to 750 condo units along Florida's northwest Emerald Coast. The value of the portfolio wasn't disclosed.

Abbott Resorts, the Pensacola-based affiliate of ResortQuest, will manage Portofino for owner/developer Allan Levin.

The contract comes as ResortQuest reports sluggish first-quarter financial results for the period ended March 31. Net income of $2.9 million or 15 cents per diluted share was under the $4.3 million or 23 cents per diluted share in the prior year. Revenue of $40.5 million was 11% below the $45.4 million in first quarter 2001.

Portofino's Levin plans to build another four sister towers on the 40-acre construction site at the east end of silver-sanded Pensacola Beach. The first Portofino is scheduled to open in December.

Unit prices weren't disclosed. But area brokers following the project for years tell GlobeSt.com the condos will start at $750,000. Living areas are 1,500 sf to 2,500 sf.

Portofino's debut arrives after five years of heated dialogue between Levin and local anti-development forces who argue the five-tower project will destroy the environment on pristine Santa Rosa Island. Eighteen acres or 45% of the 40-acre development site are wetlands and undevelopable.

Instant Insights /

Pensacola Developer Signs 47-Year Management Deal With ResortQuest

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