The Offering
JLL Capital Markets is pleased to present the opportunity to acquire Pine Forest, a single parcel +/- 12.29-acre development site located in the Pensacola - Ferry Pass - Brent MSA. Currently zoned Heavy Commercial/Light Industrial (HC/LI), the property sits within the Mixed-Use Urban (MU-U) overlay, which permits multifamily & residential use. Because the site sits within the overlay, multi-family residential is currently permitted as an approved use with a density up to 25 units per acre.
Positioned at the intersection of W 9 Mile Rd and Pine Forest Rd, the property is visible to more than 24,000 commuters from the surrounding area each day. Close proximity to Interstate-10 gives the property broad connectivity to nearby attractions and major markets spanning across the southernmost part of the United States. Pine Village is situated within a 15-minute drive between many major employers in Pensacola, including The Navy Federal Credit Union, which is undergoing a 7,000-employee expansion.
Development of the property allows access to a market with tremendous growth prospects. The Pensacola MSA has been in high demand as over 1300 units delivered in the last year while market rents have grown 18% since 2021. More than 36,000 residents are expected to migrate to the Pensacola area in the next five years, building on the 14% population growth in the last decade. The site boasts extreme convenience being close to a variety of amenities along W 9 Mile Rd. 9235 Pine Forest Rd offers a unique opportunity to provide top-notch product to an
emerging market known for its beautiful beaches and robust economy.
Illustrative 306-Unit Site Plan
Property Details
Address: | 9235 Pine Forest Rd, Pensacola, FL 32544 |
Property Size: | +/- 12.29 Acres |
Current Zoning: | HC/LI (Heavy Commercial & Light Industrial) |
Jurisdiction: | Escambia County |
Permitted Uses: | Residential, Retail, Light Industrial, Hotel |
Maximum Density: | 25 Units / Acre, 2.0 FAR |
Investment Highlights
Zoned Development Opportunity for up to 307 Units: Subject to a Mixed-Use Urban future land designation, the property has the potential to deliver more than 300 premier units into the Pensacola market.
Excellent Visibility and Access to Major Interstate: Located along prominent W 9 Mile Rd, the property has direct access to Interstate-10, the fourth longest Interstate in the country.
Proximity to Amenities: Nestled in a prime location, the property offers the ultimate convenience being a stone’s throw away from Publix Supermarket, Walmart Neighborhood Market, and Starbucks.
Strong Rental Fundamentals: With market rent growing by 18% and a positive absorption of over 1,500 units since 2021, the subject property is located in an emerging market with upward momentum.
Strategically Located in a Growing Market: The Pensacola MSA has experienced population growth of almost 14% in the previous 10 years and is expected to grow by more than 36,000 people in the next five years, furthering demand for quality housing units.
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