New luxury apartments coming to downtown Pensacola at former ECUA sewer treatment plant

Yahoo

04-03-2025

Work is beginning on a new 282-unit luxury apartment development on a long-vacant piece of downtown Pensacola real estate.
Crest Residential is beginning work to build The Romero on the western half of the former ECUA downtown sewage treatment property, once known as "Old Stinky,' and is the first project that will begin construction under the West Main Master Plan.
The 282-unit development will have 10 different floor plans with units that range from 612 to 1,393 square feet and one, two or three bedrooms, according to information provided by Crest Residential, a developer based in Birmingham, Alabama.
The company closed on the 8 acres of the 19-acre 'Old Stinky' property on Feb. 20 for $6.24 million, according to Escambia County public records.
"The Romero directly addresses the need for modern multifamily housing in downtown Pensacola," said Matt Benak with Crest Residential. "A growing residential base will drive economic activity, strengthen local businesses, and ensure downtown remains a thriving destination.'
Crest Residential's announcement said they plan to provide 'resort-style amenities, including a saltwater swimming pool, outdoor entertainment and dining areas, pickleball courts, fenced dog park, and a luxury pet spa.'
The company expects to start pre-leasing units in the spring of 2026.
The deal was 10 years in the making. In 2015, Pensacola businessman Quint Studer and his wife, Rishy Studer, bought the 19-acre property after Emerald Coast Utilities Authority decommissioned and cleaned up the old downtown sewer treatment facility, which closed in 2011.
The property remained undeveloped for the next several years. Studer said questions over what would be built at Community Maritime Park held back any development of the property. In 2018, Studer approached the city to propose paying for the creation of a master plan to coordinate the development of the two large properties and add to the growing vibrancy of downtown Pensacola.
The West Main Master Plan was the result. Urban planning experts Jeff Speck of Speck and Associates and Marina Khoury of DPZ CoDesign developed the plan after many public meetings with city residents. The city adopted the plan by implementing the zoning changes to the properties under the plan.
The West Main Master Plan calls for restaurants, apartments and hotels to be developed along the unbuilt parcels of Community Maritime Park and the undeveloped "Old Stinky" property across West Main Street.
Studer estimates he spent about $500,000 on the creation of the West Main Master Plan.
While the city controlled the Community Maritime Park parcels, Studer controlled the 19-acre former ECUA property and formed an eight-member committee to review proposals for the property. The committee selected a proposal from The Dawson Company to develop the site.
In 2023, The Dawson Company entered into a purchase agreement with Studer and bought the first 6 acres of the property for $4.5 million.
However, developments on Maritime Park ultimately led to the Dawson Company obtaining lease options from the city for those parcels. The developers announced last year they were going to build a Hard Rock Reverb hotel and an apartment development at Maritime Park.
As it became clear that the development of the former ECUA property had taken a back seat to the Maritime Park, Studer said he raised the price on the next purchase agreement to incentivize the development of those properties as well.
'We basically put a dollar amount in there, which we thought sort of forced them either do something on it or we'll take it back,' Studer said.
Studer said he likes The Dawson Company and has worked with them on other projects like Southtowne, but he didn't want the former ECUA property to languish as an empty field.
Last year, Studer told the News Journal that all of the former ECUA sites were under contract, except for 2 acres that would be set aside for overflow parking for Blue Wahoos Stadium.
Crestline Residential is the first of those contracts to close.
According to Escambia County public records, Crestline Residential paid $4.77 million to The Dawson Company for its 6 acres and $1.47 million to Studer Properties for another 2 acres.
Studer said last week that the other potential buyer is still undergoing their due diligence before buying 8 acres to build a residential development with 324 units.
As the housing crisis has driven up home prices and rents, Studer said he believes these developments will help add to the supply of residences and will pay full taxes.
'It's a great thing for the city,' Studer said. 'We all know supply is the big issue. They're getting a lot of apartments at different price points. And Crest is very committed to stormwater. They're getting better stormwater. They're getting all these tax dollars and all these people to live downtown. There's absolutely no subsidy.'
Pensacola Mayor D.C. Reeves said while the city is not invovled in these developments other than its role of review construction permits and site plans, it will still help the city that is dealing with a housing crisis at every income level.
'Adding 280 units anywhere in our city is always a good thing, considering the housing crisis we're in,' Reeves said.
This article originally appeared on Pensacola News Journal: Downtown Pensacola apartments The Romero planned near Maritime Park