How Much Did Maritime Park Increase Downtown Property Values

The CRA was established in 1982 to promote economic development and urban revitalization in the area bound by Bayfront Parkway, A Street, Cervantes Street, and Ninth Avenue. To fund the CRA, the county approved a tax increment financing fund (TIFF) and committed any real estate tax revenue growth from 1982 forward to the CRA district.

• Under Florida law, the CRA could only use the TIF funds to revitalize the district and not for expenses outside the CRA or for General Fund expenses, such as police and fire. However, it is an effective way to bootstrap a community into redevelopment and revitalization.

The CRA TIF grew from $60,000 in 1984 to $3.4 million in 2004. Those opposed to the Community Maritime Park argued that the CRA would never be able to make the bond payments on the park and help fund the relocation of the ECUA Main Street Sewage Treatment Plant.

From FY 2007 to the estimates provided to the Pensacola City Council for FY 2026, the CRA property valuations have increased from $410 million to $1.13 billion—a 277% increase.  See CRA BUDGET PRESENTATION – FY2026.

The ballpark opened in 2012. The CRA revenues have jumped from $3.95 million to $11.79 million – a 298% increase!

You can read more about my book, “Right Idea, Right Time: The Fight for Pensacola’s Maritime Park,” on inweekly.net. The book is available on Amazon.