Switzer contracts to put Blount building back in family
- October 14, 2014
- / Shannon Nickinson
- / economy
A key piece of the business core of the Palafox Historic District is getting new owners.
One Palafox Place, LLC, a group of investors managed by Robert B. Switzer, has entered into a contract with Durnford Enterprises, Ltd, to purchase the city corner bound by Garden, Palafox, Romana, and Baylen Streets.
The entire parcel set to switch hands is approximately 4.5 acres. It includes a parking lot on the west side of Baylen Street and two Pensacola landmarks – the historic Blount and Brent buildings.
Durnford Enterprises, Ltd, founded by Crawford Rainwater, Sr., acquired the property in 1980. The Rainwater family’s investment produced a beautiful restoration of the buildings, which at that time were in disrepair.
Chuck Tessier, who has been doing urban placemaking for more than 30 years, has been contracted to manage the project for the Switzer group.
Tessier says the deal is in its due diligence period now, but a mix of uses is possible in that block, including office, retail, housing.
“It’s about finding the right mix and incrementally working with the existing buildings,” Tessier says.
Among the existing tenants are anchors of the Palafox renaissance Global Grill and New York Nick’s, as well as Dollarhide Music, Picasso Jazz Club, V. Paul’s restaurant, Blue Morning Gallery and others.
There are seven building in the 4.5 acres set to change hands, and they include 67 existing tenants. But the space is “not operating anywhere near its capacity,” Tessier says.
While the buildings are about 70 percent full, Tessier says this due diligence period is about “getting their arms around what they want to do and how they want to do it.”
The pending acquisition carries special significance for Switzer, the great-grandson of F.C. Brent, for whom the building is named. It was built in 1907.
“We have an exciting opportunity to bring new developments to our vibrant and growing downtown, and we look forward to continuing this block’s tradition of being right in the center of the action,” said Switzer.
The property is set to close at the end of April 2015. Tessier declined to disclose the purchase price. According to the Escambia County Property Appraiser's records, the Blount Building was appraised in 2014 at $2,741,338. The Brent Building's 2014 appraised value was $1,795,687.
Both were last sold in 1981 on quit claim deeds for $100 each, records show.
Switzer says his group will honor all current tenants’ leases and contracts for their full term, emphasizing they should carry on business as usual and expect a seamless transition.
“At this point in time, the important thing is that the existing base of tenants needs to feel comfortable that whatever happens will be to improve what’s there and improve their position.
“They are an important part of why he’s doing this,” Tessier says.
This isn’t the first investment in downtown Pensacola for Switzer. He acquired the Theisen building in 2012.
Among the existing tenants are anchors of the Palafox renaissance Global Grill and New York Nick’s, as well as Dollarhide Music, Picasso Jazz Club, V. Paul’s restaurant, Blue Morning Gallery and others.
There are seven building in the 4.5 acres set to change hands, and they include 67 existing tenants. But the space is “not operating anywhere near its capacity,” Tessier says.
While the buildings are about 70 percent full, Tessier says this due diligence period is about “getting their arms around what they want to do and how they want to do it.”
The pending acquisition carries special significance for Switzer, the great-grandson of F.C. Brent, for whom the building is named. It was built in 1907.
“We have an exciting opportunity to bring new developments to our vibrant and growing downtown, and we look forward to continuing this block’s tradition of being right in the center of the action,” said Switzer.
The property is set to close at the end of April 2015. Tessier declined to disclose the purchase price. According to the Escambia County Property Appraiser's records, the Blount Building was appraised in 2014 at $2,741,338. The Brent Building's 2014 appraised value was $1,795,687.
Both were last sold in 1981 on quit claim deeds for $100 each, records show.
Switzer says his group will honor all current tenants’ leases and contracts for their full term, emphasizing they should carry on business as usual and expect a seamless transition.
“At this point in time, the important thing is that the existing base of tenants needs to feel comfortable that whatever happens will be to improve what’s there and improve their position.
“They are an important part of why he’s doing this,” Tessier says.
This isn’t the first investment in downtown Pensacola for Switzer. He acquired the Theisen building in 2012.
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