NEWS RELEASE — Entrepreneur Ray Russenberger announced plans for 701 Palafox, a 10-unit luxury condominium project along downtown Pensacola’s historic wharf.

“This is a unique property,” says Russenberger. “Where else do you get waterfront access and walking distance to downtown? We’re all so excited about this.”

701 Palafox will be located at the west end of Palafox Street between the Scuba Shack and Palafox Wharf, just a short stroll to many fine restaurants, bustling bars and nightclubs, shops and the new Bayfront Stadium in the Community Maritime Park.

The elegant new condominiums will feature patios overlooking the water and street-side balconies. The units will range from 1,434- 2,332 square feet.

SMP Architects has designed the building with a nod to  Pensacola’s Spanish and French colonial past. The exterior will feature wrought iron balconies and the interior, a shaded courtyard. Private docks are slated to adjoin the area immediately behind the building.

Russenberger founded and sold telecommunications companies. His company now operates the Palafox Pier and Bahia Mar Marina. He also renovated the historic Thiesen Building and owns the popular Oar House restaurant.

Russenberger and his wife plan to move in as soon as construction is completed.

“Pensacola is a great town and I think it’s reached a critical mass,” says Russenberger. “If we’re going to be successful, we need more people living downtown.”

Chuck Tessier, president of Tessier Associates, will manage the development of the 701 Palafox project. He cites Russenberger’s various contributions to the Pensacola landscape as integral to its downtown renaissance.

“This new building shows his commitment to long-term redevelopment and rebirth of the area,” says Tessier. “That there is a demand for downtown living speaks volumes about how far Pensacola has come and the world-class destination it is well on its way to becoming.”

Construction is scheduled to begin on Sept. 1. The five-story building is expected to be ready for occupancy by fall of 2015.

Details: Visit www.701Palafox.com.

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