News Summary
The Waverly and Westmore condominium and apartment development in downtown Pensacola is facing a six-month delay due to a sharp increase in construction costs and borrowing rates. Developer John Buzzell noted that construction loan interest rates have doubled and costs have surged by approximately 65%. Despite these challenges, the number of residential units and the grocery store remain unchanged. A six-month extension from the city will allow construction to potentially commence by December. The entire project aims to enhance the downtown area, projecting completion by December 2030.
Waverly and Westmore Downtown Development Faces Delay
The Waverly and Westmore condo and apartment development project in downtown Pensacola is facing a delay of at least six months due to rising construction costs. Developer John Buzzell from Bearing Point Properties announced that construction loan interest rates have doubled while construction costs have surged by 65% since the project was first proposed.
This development occupies nearly the entire block at the southwest corner of Spring and Garden streets. Plans for developing this site have been on the table for over a decade, with this particular project under development for approximately five years. This extended timeline highlights the challenges facing urban development projects amidst fluctuating economic conditions.
Funding for Spring Street Improvements
In 2023, the city of Pensacola committed to funding up to $1.5 million of an estimated $2.4 million dedicated to improvements on Spring Street as part of the development. These improvements are designed to enhance pedestrian-friendliness and to provide better access to a planned 40,000-square-foot grocery store that is to be included within the development.
However, the funding agreement for these street enhancements expired on June 30 because the construction had not yet begun. As a result, the Pensacola City Council, recognizing the importance of the project, unanimously approved Buzzell’s request for a six-month extension.
Future of the Development
Although there will be no changes to the number of residential units or the grocery store itself, Buzzell indicated that architectural design alterations are being explored to help lower the overall costs of the project. These proposed changes will soon be presented to the Pensacola Architectural Review Board for consideration.
The new terms attached to the extension stipulate that construction of residential units must commence by December 30. The entire project is now expected to be completed by December 30, 2030. This timeline marks an essential milestone as the city aims to enhance community living and support local businesses through this development.
Community Benefits
Mayor D.C. Reeves has expressed strong support for the extension and the project’s objectives. The streetscape enhancements promised in this development are seen as beneficial to the downtown area, offering improved accessibility and a more inviting atmosphere for residents and visitors alike. This aligns with the broader goals of enhancing urban living within Pensacola.
The ongoing delay and rising costs in construction represent common challenges faced by many urban developers today, driven in part by changing economic conditions. The Waverly and Westmore project reflects the need for adaptive responses to these challenges to ensure that ambitious development plans can still come to fruition.
Looking Ahead
As the Pensacola community watches this development unfold, it serves as a reminder of the importance of collaboration between local government and private developers in realizing projects that can significantly enhance the urban landscape. With a commitment to the completion of this long-awaited project, stakeholders are hopeful that the Waverly and Westmore development will eventually deliver on its promise to create a vibrant residential and commercial hub in downtown Pensacola.
Deeper Dive: News & Info About This Topic
Additional Resources
- PNJ: Waverly and Westmore Project Delayed
- Wikipedia: Pensacola
- PNJ: Condos Proposed for East Garden District
- Google Search: Downtown Pensacola development
- PNJ: Top Pensacola News
- Google Scholar: Pensacola development
- PNJ: Downtown Pensacola Apartments Planned
- Encyclopedia Britannica: Florida real estate development
- PNJ: Hawkshaw Project Sold
Author: Construction NY News
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