This afternoon, Jerry Maygarden, president Greater Pensacola Chamber, sent a letter of support regarding a $50 million downtown redevelopment project to Pensacola City Council members.

The project would turn the site of the former Pensacola News Journal building into a mixed-use development that includes office space, retail space, open public space, high-density apartments, public parking and easy access to a new downtown YMCA.

It is proposed by Daily Convo LLC, a company owned by Quint and Rishy Studer,who bought the property in 2013 for $3.4 million.

Pensacola City Council on Thursday will be asked to approve an Economic Development Ad Valorem Property Tax Exemption.

EDATEs are tax exemptions for economic development projects that allow up to 100 percent of the assessed value of real property improvements and new tangible property acquisitions for up to 10 years.

Projects that wish to apply for EDATEs are rated on an evaluation system that includes: industry type, amount of capital investment, number of current and proposed employees, project location and design.

The Daily Convo project earned 125 out of 175 possible points on the EDATE scoring scale.

The letter is as follows:

Mr. Mayor, Honorable Council Members:

“I am writing to you to express the Chamber’s support of Quint and Rishy Studer’s latest venture, a new mixed-use plaza in the center of the city, which includes 48,000 square feet of office space; 33,000 square feet of ground floor retail space; and hundreds of new apartment homes, which are some of the most important elements to sustaining a thriving Downtown Pensacola.

“The development would cover the entire block, which is bordered by Romana, Intendencia, Tarragona and Jefferson streets, and will improve the handicapped and pedestrian accessibility in the vicinity, creating a more walkable, wellness-oriented Downtown, along with a desirable residential living district.

“We are deeply interested in and supportive of this development, but without an Ad Valorem Property Tax Exemption (EDATE), this livable urban center won’t be financially feasible. We request that you support it by approving an EDATE in order to make way for this important investment in the City of Pensacola.

“We plan to be vocal supporters of projects like these and hope that you will join us in applauding companies like the Studers’ Daily Convo LLC, which are doing great things to ensure vitality and growth in our community.  

“Please feel free to call me directly at the numbers below if I can provide more information.

Respectfully submitted,

Jerry Maygarden, President

The Greater Pensacola Chamber

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