The Pensacola City Council will hold a workshop on Thursday afternoon to review the Maritime Park lease proposals of Studer Community Investments and MCM-BAP, LLC.
The MCM-BAP, LLC offer is substantially different from one the city’s real estate broker, CBRE, presented to the CMPA Board of Directors in January. The total investment for parcels 4, 7 and 8 has been cut from $65 million to $33 million.
The original offer had rent totaling the greater of $275,000 annually or 7.5% of annual revenues. The new offer is only $150,000, which would also include real estate taxes and common area maintenance.
| Parcel 4 | Investment | Minimum Rent | or | Real Estate Taxes | Maintenance |
| 120 Key Select Hotel | $20+ million | $100,000 | 7.5% revenue | extra | extra |
| 6/8 offer | $18 million | $75,000 | included in rent | included in rent | |
| Parcels 7 & 8 | |||||
| Luxury Apartments/Condo | $45 million | $175,000 | 7.5% revenue | extra | extra |
| 6/8 offer | $25 million | $75,000 | included in rent | included in rent | |
| Total investment | Investment | Minimum Rent | |||
| Original proposal | $65 million | $275,000 | |||
| 6/8 offer | $33 million | $150,000 | less real estate taxes and maintenance costs | ||
The new offer, dated June 8, also includes a proposal for surface or structured parking on Parcel 5 or 6 (The Studer offer is for Parcels 3, 6 and 9). No rent will be paid on the parcel. If structured parking is built, the investment is expected to be $8-12 million.
Based on the 2012 appraisals, the parcels that MCM-BAP proposes to lease for $150,000 a year have a total fair market lease value of $509,000, plus real estate taxes.
The commission for CBRE–which was controversial topic early this year– is now in a separate private agreement between MCM-BAP and CBRE.
