Studer Community Institute

Studers take another try at leasing CMPA parcels

April 10, 2015
/ Shannon Nickinson
/ government

Investors Quint and Rishy Studer have made a cash offer on vacant parcels at the Community Maritime Park. The couple, who own the Pensacola Blue Wahoos minor league baseball team, have sent an offer to the Community Maritime Park board to lease parcels 3 and 9 at the site. This offer also includes parcel 6 on the far western edge of the downtown waterfront redevelopment project nearest the former sewage treatment plant site the Studers recently bought. That space "presents an excellent opportunity to cross-pollinate development over Main Street and extend the park for the public," the proposal reads. "We believe improving access across Main Street also creates innovative parking solutions that can alleviate the parking burden at CMP...we believe there are opportunities for professional office space, retail and other uses. However at present, there is no immediate plan for the site." In purchasing the old Main Street sewer plant site from the Emerald Coast Utilities Authority for $5.2 million cash, the Studers noted a desire to put recreation, parking and other public amenities on the ECUA property, among other possibilities. However, no firm plans for the site have been announced. The couple responded to requests for proposal in December with plans for parcels 3 and 9 that carry over into the proposal delivered to CMPA Board chairman Jim Reeves Thursday. Parcel 3 abuts the front of the stadium just across Cedar Street from where the Studer Group office building now stands. Parcel 3 could be the site of a first-floor child care center with the possibility of a sports museum space on upper floors, the proposal notes. Parcel 9 abuts the stadium on its west side. The Studers would like to use it to expand training facilities for the Wahoos that would bolster the team's attractiveness for affiliation with Major League Baseball teams. The team currently is an affiliate of the Cincinnati Reds. Both parcels, the Studers' proposal notes, have potential for mixed-use residential/retail redevelopment "under appropriate economic conditions." Other key points: — Based on the current parcel values, the annual ground rent for all three parcels would total $109,258, with an increase of 5 percent every seven years. Common area maintenance fees would total 11,302.50 annually, with an increase of 5 percent every seven years.

Common area maintenance fees go directly to CMPA. Rent goes to city and by agreement the city returns approximately 75 percent of that to the CMPA.

— The proposal seeks the nonexclusive use of 95 parking spaces at the park site for all three parcels. — The Studers also agree, if the CMPA elects to do so, to commissioning a new appraisal of the vacant parcels. "It is our understanding that none of these parcels have been appraised by the CMPA in over four years," the proposal says. "If the CMPA elects to do this, we believe the same concept should apply to anyone else proposing to lease property at the CMP." — The Studers agree to pay commission due to any broker on the deal. "In the event we are asked, or required, to pay a 'success fee' or other atypical brokerage payment, then the amount we are willing to pay for a long term ground rent will be materially reduced to reflect such payment," the proposal says. The proposal is linked here. As a reminder, here is what the South Florida firm, MCM-BAP, proposes for parcels 4, 5, 7 and 8.

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Studers take another try at leasing CMPA parcels

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