Going up: The Waverly seeking approval to add two stories to planned luxury condo project
The long-planned Waverly Pensacola luxury condominium project in downtown Pensacola is getting a redesign.
Developers of The Waverly are going back to the Pensacola Architectural Review Board later this month with an updated design of the 54-unit condo building at the corner of Spring and Romana streets that adds two stories to the planned building.
The redesign will give all 54 units views of downtown Pensacola or Pensacola Bay.
The Waverly is being developed in conjunction with The Westmore apartments. On top of the 54 luxury condo units, the project will have 328 market-rate apartment units, a 39,000-foot grocery store, and public “pocket parks” that preserve the historic remains of the old USO building and Escambia County vocational school.
Developer John Buzzell with Lousisana-based Bearing Point Properties told the News Journal that The Waverly had pre-sold more than 60% of the 54 units. As originally designed, 12 units faced an internal courtyard.
“We really haven't had much demand for the courtyard-facing side units,” Buzzell said. “The 60% of the property that we've pre-sold have been all outward facing units either towards downtown or towards the bay.
On top of that, Buzzell said they’ve gotten inquiries for larger condo units.
“The market is drooling for larger units,” Buzzell said. “Our average unit size is about 1,900 square feet. We've had several inquiries, even from existing reservations, that they would like to see units twice that size.”
With that feedback, Buzzell said they decided a redesign was needed.
“We're going to take those 12 units on the courtyard side, off of the building, and put them on top of the building and make them larger floor plans,” Buzzell said.
The luxury building will still feature all of the amenities it's advertised, including a rooftop pool and spa, private cabanas, Peloton studio, club room, fitness center, sauna and steam room, private courtyard, pet park and an on-staff concierge.
The project has been in the works since at least 2016 when the Escambia County school district's former headquarters at 213 W. Garden Street was put up for sale. A group of downtown Pensacola businessmen bought the property as well as the old USO building next door and started to design the development.
In 2021, the group sold the property to Bearing Point Properties who put together the final concept for The Waverly and The Westmore.
The Waverly sales are being managed by The Leavenworth Team at Levin Rinke Realty.
Earlier this year, the Pensacola Community Redevelopment Agency approved an agreement of reimbursing Bearing Point Properties up to $1.5 million for $2.4 million of improvements to Spring Street as part of the project.
The project was supposed to break ground last year, but changes in the construction financing market hit and slowed the project down like many other downtown development projects.
Previously: Pensacola's newest luxury condo complex, The Waverly, breaks ground this fall in downtown
Buzzell said those changes have given them time to work on redesigning the building, and despite the increased cost of building, there is still strong demand in Pensacola for all types of housing.
“The Pensacola market is fundamentally stronger than it was when we showed up in that market five years ago,” Buzzell said. “So the market fundamentals are awesome in Pensacola. If I could build 10 projects in Pensacola right now, I would.”
Buzzell said the full redesign of the building will take several months once the ARB approves the aesthetic elements, and they hope that market conditions will soften in that time.
“We're probably looking at the summer or fall next year before we break ground,” Buzzell said.
The ARB is scheduled to meet on Oct. 19 at 2:30 p.m. at City Hall.
This article originally appeared on Pensacola News Journal: Pensacola luxury condo The Waverly adds floors in redesign
