A $43 million proposal submitted by Miami-based developers to build a hotel and residences on Pensacola Bay waterfront property downtown is about $22 million less than a plan they presented in January.
Dated June 8, 2015, the Community Maritime Park proposal from MCM-BAP, LLC, is for an $18 million, 120-room hotel on parcel 4 and 200 rental or condominium units on parcels 7 and 8 valued at $25 million.
The proposal also includes new details of surface or structured parking to be constructed on parcel 5 or 6. The plan values the parking construction at between $8 million and $12 million, which would be paid for through a public-private partnership, which can entail using public money.