Studer Community Institute

ECUA's Main Street property: Sold

November 20, 2014
/ Shannon Nickinson
/ government

The Emerald Coast Utilities Authority's Main Street property has a new lease on life. At their Thursday afternoon meeting, ECUA board members unanimously approved an offer from Quint and Rishy Studer to buy the former site of the Main Street sewer plant for $5.2 million cash. The 19-acre site has been vacant since the plant — Old Stinky, as it dubiously remembered — was demolished beginning in 2011. The Studers plan to develop the site in phases. The first phase will convert the site into basketball, soccer and other athletic fields, add concession areas and restrooms as well as parking, said Quint Studer. The next phase will focus on adding health and education and wellness components to the site, turning property that for more than 70 years was a sewage treatment plant into a health, recreation and wellness center on the west side of downtown Pensacola. He also left open the possibility of residential aspects to be included in future plans. "The goal is to make it vibrant just as soon as possible," Quint Studer said. "And we have the best grounds crew in baseball and they are very anxious to get to work and make this into a showpiece." John Griffing of NAI Halford, the ECUA's real estate professional on the deal, said that while he has "almost burned up (ECUA Executive Director) Steve Sorrell's cellphone" in the last year or so with queries from potential buyers, "we have not had an offer that offered this value to the ECUA and this value to the community. "It has been a straightforward, arm's length real estate deal," Griffing said. The only previous offer for the property to see daylight came from a Houston-area developer, Aaron Wiese. He offered $7.6 million for the property in 2013, but questions arose about the stability of his finances and plans for the property, and the deal died. Board Member Larry Walker peripherally mentioned that offer, saying that while it did come with a higher price tag, "I feel very good about the property going into (the Studers) hands, more so than with the previous buyer." Board member Lois Benson, who was elected chairwoman of the board on Thursday, said, "once again Quint has proven his investment in the future of Pensacola." Studer said that he has been in touch with Lumon May, who in addition to his duties as an Escambia County Commissioner serves as head of the Southern Youth Sports Association, and said May is excited about the possibilities for youth sports on the new facility. Studer told the board that he and his wife wanted to extend the investment they have made in Pensacola west beyond the highly visible Main and Palafox businesses and properties they own. They plan for the redevelopment to turn land with an industrial history into an environmentally and community friendly space. The planned Bubba's Sweet Shop — a candy store the Studers will partner in with Masters champion Bubba Watson to be built on the site of the former Waterfront Rescue Mission — as well as their investment in the Blue Wahoos at the Community Maritime Park solidify the Studers as crucial voices in the redevelopment of downtown Pensacola. "We want to make sure we balance the westside of Pensacola," Studer said. "We got to feeling lately that (the ECUA property) is where we wanted to be." He complimented the ECUA's administrative, legal and real estate team for their professionalism in the deal. "We think this is a good financial return for the board and good quality of life return for the community."

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ECUA's Main Street property: Sold

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