Since stepping down from the Studer Group March 31, the group's founder Quint Studer has focused his efforts on community improvement projects. The latest, an apartment complex designed for young professionals who could otherwise not afford to live downtown in Pensacola, Fla., is on track to be completed by the fall of 2017, according to the Pensacola News Journal.
The project was nearly held up over confusion around property tax exemptions for the project, but Gov. Rick Scott (R) signed a bill clarifying the exemptions Wednesday, according to the report. The bill was sponsored by state Rep. Matt Gaetz (R) and will grandfather in the Economic Development Ad Valorem Tax Exemptions approved under the state's Enterprise Zone Program before the start of 2016, when the program expired.
Mr. Studer said he never perceived the EDATEs as a tax break since his taxes will increase from the current $40,000 per year to more than $500,000, on top of his $50 million investment to build the apartments. Rather, the EDATEs make the project financially viable, while it would have been cost prohibitive without them, according to the report.
To keep prices affordable for young tenants, Mr. Studer vowed to keep rent prices in the range from $750 to $1,000 per month for one-, two- and three-bedroom apartments. The first of the 260 apartments in the complex are expected to be completed and available for rent by May 2017 and the final units completed by November of that year. The waiting list for the building has already exceeded 550 people, according to Mr. Studer.
The ground floor of the apartment building will feature shops and restaurants to "activate the streets" surrounding it.
"You've got to have housing to have a vibrant downtown," Mr. Studer said, according to the report. "Research has shown there's a shortage of 700 housing units, and the fact that we can come in and start meeting that big gap I think is really exciting."