Florida Construction News staff writer
Following a month-long Notice of Intent to Dispose (NID) period, the City of Pensacola has received two proposals for the redevelopment of the property at 925 E. Jackson Street.
The city wants to transform the site into a community-focused housing project through a Community Land Trust (CLT) model.
While a proposal from James B. Washington Education & Sports, Inc., was deemed ineligible as it did not meet the CLT criteria, Northwest Florida Community Land Trust (NFCLT) submitted an eligible plan and city staff will now negotiate the details.
The proposed development plan includes for-sale housing with a long-term equity-sharing model, offering a 99-year lease with a 99-year renewal option for income-qualifying homebuyers. At least 51% of the units are to be affordable for individuals earning 80% or less of the Area Median Income (AMI), while the remaining 49% will cater to those earning between 80% and 120% of the AMI.
This redevelopment project is expected to address workforce and attainable housing needs in Pensacola. Once negotiations with NFCLT are finalized, a detailed timeline and project cost outline will be released.
