I’ve just received word that Triumph Gulf Coast unanimously approved the City of Pensacola’s request for $8.5 million for the design, renovation and finish out of the partially-completed Warehouse 10 at the Port of Pensacola, plus a 50-foot addition and design and construction of a dock and boat ramp.
Why does this matter: The facility is required to secure the headquarters relocation of Bella Mente Quantum Racing Association (American Magic) to the Port.
Warehouse 10 became available when Streamline Boats failed to meet the conditions of its lease agreement. The facility was originally intended for DeepFlex, but that deal also fell apart.
This is the first step towards making Pensacola the national training area for sailing.
Dig Deeper:
Buildout of the facility will allow American Magic, which has utilized the Port of Pensacola on a temporary, seasonal basis, to permanently relocate their training and boat building facility to the Port of Pensacola, creating 170 high wage jobs in the advanced manufacturing, engineering and research and development sector. Job creation would be a mix of American Magic jobs as well as port or port-related jobs.
The project would be constructed on publicly owned land. The city of Pensacola would retain ownership of the facility and the space would be leased to American Magic. The dock and boat ramp would be utilized by American Magic as well as other Port tenants.
BUDGET
Triumph – $8,500,000
Governor’s Job Growth Grant Fund $3,900,000
Florida Seaport Transportation Economic Development Program – $1,500,000
Replacement Value Whse 10 $3,200,000
TOTAL $17,100,000
Match funding for this request totals just over 50% of the total project cost. Match funding identified from grants has been applied for, or added to the work plan but not yet awarded.
TIMELINE
Once funding is awarded, design and construction is anticipated to take 24 months. Job creation would begin immediately, with a total ramp-up period of 24 months from construction completion.
See:
Application
Score Sheet