Work begins with a long, new 282-unit luxury apartment development in downtown Pensacola’s real estate.
Crest Residential has begun work to build the Romero in the western half of the former ECUA Downtown sewage treatment facility, once known as “Old Stinky,” and is the first project to begin construction under the West Main Master Plan.
The 282 unit development will include 10 different floor plans with units ranging from 612 to 1,393 square feet, one and three bedrooms, according to information provided by Crest Residential, a Birmingham, Alabama-based developer.
Escambia County official records show that the company closed eight acres of its 19-acre “Old Stinky” property on February 20 for $6.24 million.
“Romero directly addresses the need for modern multifamily homes in downtown Pensacola,” said Matt Benack at Crest Residential. “The growing housing base promotes economic activity, strengthens local businesses and ensures that Downtown is a thriving destination.”
The Crest Residential announcement said it plans to offer “resort-style amenities, including a saltwater swimming pool, outdoor entertainment and dining area, pickle ball courts, fenced dog parks and a luxurious pet spa.”
The company is expected to start pre-leasing units in the spring of 2026.
A long journey to developing a site
The transaction has been in ten years. In 2015, Pensacola businessman Quint Studer and his wife Rishy Studer purchased the 19-acre property after cleaning up an old downtown sewer treatment facility that was closed in 2011 after the Emerald Coast Utilities Authority was removed and closed.
The property remained undeveloped for the next few years. Studer said questions about what will be built at Community Maritime Park have prevented the real estate development. In 2018, Studer approached the city and proposed payment to create a master plan to coordinate the development of two major properties and boost the vibrancy of downtown Pensacola.
The main master plan for the West was the result. City planning experts Jeff Speck and Associates and Marina Khoury of DPZ Codesign have developed the plan after many public meetings with city residents. The city adopted the plan by implementing zoning changes under the plan.
The West Main Master Plan requires restaurants, apartments and hotels to be developed along the unconstructed plots of Community Maritime Park and the undeveloped “Old Stinky” properties across West Main Street.
Studer estimates that it spent about $500,000 on creating the West Main Master Plan.
While controlling the Community Maritime Park lot, the city controlled the former ECUA property of 19 acres and formed an eight-member committee to confirm the property proposal. The committee chose the proposal from the Dawson company Develop the site.
In 2023, the Dawson Company signed a purchase agreement with Stager, purchasing the first six acres of property for $4.5 million.
However, with the development of Maritime Park, the Dawson company ultimately acquired lease options from the city for these parcels. The developer announced last year that it plans to build a Hard Rock Reverb Hotel and apartment development at Maritime Park.
As it was revealed that previous ECUA properties developments had acquired a back seat at the Maritime Park, Stasser said they raised the price of their next purchase agreement to encourage the development of these properties.
“We basically put a dollar amount in there and we thought we either forced it or forced it or we got it back,” Stasser said.
Studer said he liked Dawson Company and worked with them on other projects like Southtowne, but he didn’t want the previous ECUA properties to suffer as empty fields.
Increase supply amid the housing crisis
Last year, Studer told News Journal that all previous ECUA sites were under contract, except for two acres that would be set aside for overflow parking at Blue Wahoos Stadium.
Crestline Residential is the first of these agreements.
According to public records from Escambia County, Crestline Residential paid Dawson Company $4.77 million for six acres and $1.47 million for two acres of Studer Properties.
Studer said last week that other potential buyers are still undergoing due diligence before purchasing eight acres to build a 324-unit residential development.
As the housing crisis has raised housing prices and rents, Stacker said he believes these developments will help increase the supply of homes and pay full taxes.
“That’s great for the city,” Stasser said. “We all know that supply is a big problem. They get lots of apartments at different price ranges. Crest is very tackling rainwater. They get better rainwater. They live all these taxes and all these people downtown. There’s no subsidies at all.”
Pensacola Mayor DC Reeves said that besides the role of building permits and site planning for reviews, the city has not evacuated to these developments but will support cities that handle housing crisis at all income levels.
“Adding 280 units anywhere in our city is always a good thing given the housing crisis we are in,” Reeves said.
This article was originally published in the Pensacola News Journal. Pensacola Downtown Apartments is planned by Romero near Maritime Park
