By TechRadars StaffEditor: Daniel EstradaPosted: September 30, 2018 12:21pmPensacola has long been considered one of the nation’s most desirable cities, but condo developers are eyeing the city as a potential home for luxury developments.
“We have a lot of great things going on,” said Michael Cavanaugh, a Pensacolans attorney who is leading a group of developers that is seeking approval for a series of condominium developments on the peninsula.
“I think we’re going to see an influx of people moving to Pensacolas,” Cavanaugh said.
“A lot of people are moving to Orlando,” he added.
“The only way to keep up with the demand is to have a strong supply of housing.”
Developers have been pushing for the condo boom since at least late last year.
Some of the condos are already under construction, and more are expected to be built soon.
The city’s housing market is in its early stages, and while developers are planning for a steady influx of new buyers, many of them have been waiting for approval to build their projects.
The first three condos under construction on the Pensacolan Peninsula are all under $500,000, according to Cavanaugh.
He said he expects some of the first three projects to sell for well above that.
Cavanaugh and his group have been working with the city to secure approvals for several condo projects, and they expect more to come.
They have a list of developers they hope to work with on other projects.
“There’s a lot more to do,” said Cavanaugh of the condo development push.
“The first condo I’ve seen sell in the $500k range,” he said.
“We’ve got a lot to do.”
Pensackas condo, which is being built by a group called the Downtown Pensacosas Development Corporation, has a 1,000-square-foot apartment building, two condominiums, a hotel, and retail.
The project also includes a parking garage and an outdoor courtyard, which was the original site of the Pensaconas Zoo.
Pensaconas Mayor Mike Grier said the condo market is still developing.
“Right now, the condos that are under construction are just being sold,” Grier told the Tampa Bay Times in March.
“A lot more are in the pipeline.”
But he said the city has the capacity to build more.
“At the end of the day, the City of Pensacoras is a vibrant community,” Griers said.
Penthouse development has been growing in popularity in Pensacolin since its peak around the turn of the century.
Developers are looking to capitalize on a rapidly growing population.
In the past decade, the number of new homes built in the city tripled from 1,092 to 3,972.
“Pensacs condo market has exploded in the past few years,” said Dan Wier, chief executive officer of Pensaconis Development Corp. in a statement.
“Our current population is approaching the 20,000 mark.
We believe we will see an increase in condo development in the future.”
The number of condos currently under construction is more than 20 times what it was in 2016, according a 2017 report by the Pensacs Development Corp., a developer of condos and townhouses.
The condo boom has also spurred a surge in home sales in Pensaconos housing market, with a 10-year average of 4,700 homes sold per month, according the report.
“This boom has created a lot for homeownership in Pensacs as well,” Cahn said.
He also added that there are plans to build additional luxury housing in the community.
Cahn said the developer is building about 40 new condos, about three-quarters of which will be sold at auction.
The rest will be purchased by developers and put on the lot, which will then be sold off.
The developers plan to build a $1 billion, 60-unit development in Pensackas that will include apartments and townhomes.
The developer hopes to begin construction in 2018, and hopes to have completed all of the project by 2020.
Petersant, a developer with about 40 homes under construction in Pensaco, is also looking to develop a 10,000 square foot residential complex.
The company’s CEO, Mark Petersen, said the project will include more than 60 apartments, 20 townhoms and 100 luxury condos.
Parsons developer said he’s sold at least 15 condos so far, and he expects the number to rise.
“It is going to be a good, high-density, high value project,” Petersen said.
The company has two other projects in the works: a $250 million apartment complex and a $200 million development.
They are all being built in Pensace.
Petsons developer, Pawsitive Properties, said it is also working with developers on projects on the Peninsula.
“There’s lots of opportunities in the Pensaco