Maritime Park Drives Construction Downtown

Voters' approval of the Community Maritime Park project last week was big morale booster for downtown developers, but the good news didn't prompt a flood of phone calls from prospective customers. Pragmatic condo buyers are taking a long hard look at soaring insurance costs and property taxes, with many concluding it's better to wait for better times. Many say the heady days of flipping condos for big bucks are long gone. "The maritime park was a huge boost," said David Bailey, director of the City of Pensacola's Community Redevelopment Agency. "But (casualty) insurance is a serious issue. Insurance costs have more than doubled. "Serious, indeed, for many developers like John S. Carr, who recently saw his casualty insurance costs on a $5 million downtown building leap from $27,000 to $190,000 per year.

"There are signs that things are happening downtown," Bailey said. "We're seeing some interesting and unusual stores and shops opening on Palafox Street. "Bailey believes redevelopment of downtown areas comes in waves. "As a couple of people move into new units it tends to attract a wave of people," he notes. "We're 10 years into the momentum of downtown turning around, and I think there are a lot of good things to come."

- PNJ Sept 10, 2006