The Palmilla Apartments are more than a way to address a need for housing in Pensacola, Florida, local real estate professionals said. The complex is also extending the Downtown to the west.
The 240-unit property at 51 S. Coyle St. has a design that aims for an upscale feeling. The site has one-, two- and three-bedroom apartments and townhouses with a salt-water swimming pool, an outdoor kitchen with gas grills and televisions, as well as a yoga studio.
The complex was selected by a panel of judges made up of local real estate professionals as the 2024 CoStar Impact Awards winner of the multifamily development of the year for the Pensacola market.
"Watching this development build up over the months has been spectacular," said Melissa Glyptis Simpson of Coldwell Banker Commercial Realty, one of the judges, adding that it is improving the area.
In the decade before construction started in 2021, Pensacola's population had grown at a far slower pace than the rest of the state. Even so, the area had a need for housing and a relatively stable job market.
The property's website touts the site's location near the water, as well as stores, restaurants and entertainment.
About the Project: The property, built in 2023, has four buildings located on five acres. Its features also include a pet play area, pet-washing station and putting greens.
What the Judges Said: "The ongoing development in downtown Pensacola is introducing a fresh, upscale aesthetic to the area," said Harry Bell Jr. of Bellcore Commercial. Meanwhile, DeeDee Davis of NAI Pensacola said that it's a "much-needed project for our expanding downtown."
"The need for added apartments on the western side of the downtown corridor is being addressed while at the same time raising the standard of living. These much-needed improvements to the west side of Pensacola need to continue with the hopes of future development from neighboring property owners," said Coldwell Banker's Simpson.
They Made It Happen: Owner and developer Kore Financial Group and property manager Carter-Haston worked on this project.