City of Pensacola signs 10-year lease agreement with American Magic Sailing Team
PENSACOLA, Fla. (WKRG) — After putting pen to paper, the American Magic Sailing Team has officially entered a 10-year lease with the City of Pensacola.
“This is a monumental day,” Pensacola Mayor D.C. Reeves said. “I think this can really help reshape our city, our region, our state, certainly the Port of Pensacola and it helps us put this city on the map as the best sailing destination in the United States.”
The team has been training in Pensacola since 2018. Now the Port of Pensacola will serve as the team’s permanent base with American Magic signing a lease at $291,200 a year with an option to extend for another ten years.
Meeting Chandler Riggs from ‘The Walking Dead’ at Pensacon 2024
“It’s an evolution into growing the opportunities for our team, for our team members, and really for growing the sport of sailing inside the United States.” Terry Hutchinson, Skipper and President of Sailing Operations for American Magic said. “Having that happen here after being here for six years and as Mayor Reeves said becoming an integral part of the Pensacola community and family here is a really exciting opportunity.”
With the team anchoring in Pensacola, the city is expecting to see a big economic impact.
“We’ll see it in jobs. We’ll see it potential new businesses relocating here and we’ll see it on the streets with families living here and visitors and sailing aficionados wanting to come to the city of Pensacola,” Reeves said.
As part of the agreement, American Magic will be required to host a preliminary regatta in Pensacola if they win the America’s Cup and host two national or international events in Pensacola each year.
“You think about just from the hospitality. Hotels, and restaurants that support our local businesses. I mean really the limit is endless in terms of what can happen here and how their presence can create this huge economic ripple effect,” Reeves said.
The team’s new headquarters is under construction at the port. The work is expected to be done by December 2025.
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