PCI partners with Innisfree Hotels for $24 million development in PensacolaPublished 8:33pm Tuesday, January 17, 2012
The Poarch Band of Creek Indians is helping add jobs to the Pensacola economy as the tribe partners with Innisfree Hotels to construct a $24 million development at Airport and 12th.
A ground breaking Friday marked the beginning of construction on the project, which will include a 127-room Hyatt Place Hotel as well as office and retail sites and will create approximately 235 new local jobs. Once completed, the 12-acre complex will connect with Pensacola International Airport via a covered walkway.
Innisfree CEO and founder Julian MacQueen said the company is excited about the future of their collaborative efforts with PCI.
“Our relationship with the Poarch Band of Creek Indians has spanned almost two decades,” he said. “We’ve collaborated on other successful projects during this time and are very excited to work with them again.”
Creek Indian Enterprises Development Authority President and CEO Tim Martin said PCI is also excited about becoming a part of the Pensacola community through this collaborative project.
“We are fortunate enough to be able to reinvest into the community with quality investments like the Airport and 12the project,” Martin said.
Once completed, the new project is expected to generate more than $420,000 in annual non-airline revenue for the airport through leasing fees. The new complex is also projected to generate an additional $100,000 in local option sales taxes for the City of Pensacola and will create more than $4 million in payroll revenue through new jobs.
The project’s ground breaking occurred Friday, following a first-of-the-year announcement that financing would be secured through Pen Air Federal Credit Union and Navy Federal Credit Union.
“The commitment of the credit unions and the Poarch Band of Creek Indians to this project has helped Innisfree expand in very difficult economic times,” MacQueen said. “We’re fortunate to have their support. They are good neighbors to the Pensacola community.”
The land being developed is leased from the City of Pensacola and the project’s general contractor, Robins and Morton, is currently at work on constructing the structures’ foundation as well as doing work to the infrastructure.
The hotel is expected to open in spring 2013.