Gov. Ron DeSantis awards Pensacola $3.9 million for American Magic headquarters

Pensacola and New York Yacht Club American Magic got another win Monday when Gov. Ron DeSantis announced the city had been awarded a $3.9 million grant for the Port of Pensacola's Maritime Center of Excellence.

DeSantis announced the $3.9 million grant from the Florida Job Growth Grant Fund in a press release Monday afternoon.

"Today’s award to the city of Pensacola will strengthen the Port of Pensacola’s infrastructure and promote economic opportunities in the sailing industry for the Florida Panhandle," DeSantis said in the press release. "We believe in making strategic investments that will create job opportunities and ensure Florida’s prosperity for generations to come."

The announcement comes after Florida's Triumph Gulf Coast board approved an $8.5 million grant for the project aimed at securing the permanent headquarters for the American Magic sail racing team at the Port of Pensacola.

American Magic is the U.S. team in the America's Cup sailing race sponsored by the New York Yacht Club.

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The sailing community considers America's Cup the most elite sailing race in the world, where the sailboats are more akin to modern aircraft using the latest technology to try to gain an edge in the fierce competition.

The team plans to bring 150 high-wage jobs to Pensacola from its current headquarters in Rhode Island, and the project is expected to generate another 20 jobs, all with an average salary of $105,000, according to the city's application with Triumph Gulf Coast.

The project will finish the construction of Warehouse 10 to serve as the new Center for Maritime Excellence. The warehouse is an unfinished building damaged in Hurricane Sally but still structurally sound. Using an existing building significantly cuts down on the cost of the project.

The city estimates the current value of the building in its unfinished state is about $3.2 million. Combined with another $1.5 million in support from the Escambia County Tourism Development Council, the equipment, and other investments American Magic will bring to the project, the total capital investment in the building will be $45.2 million.

Triumph Gulf Coast's economic analysis of the project rated it an "A" for an impact on the local economy estimated at $285 million.

Pensacola Mayor D.C. Reeves thanked the governor and the Department of Economic Opportunity for recognizing the value of the project, and he said with the announcement of the state grant, the city can begin moving ahead planning and designing the new center.

"We're full steam ahead,' Reeves said.

The plan is to complete the center in time for American Magic's return from the 37th America's Cup in Spain at the end of 2024.

The city still has to negotiate final terms with Triumph Gulf Coast before it can access the $8.5 million.

"This is a huge moment for sailing in this region, a huge moment for the Pensacola community, and what I know will be the start to a permanent home for a world-class sailing team," Reeves said. "And I think in the not too distant future will be Pensacola, Florida being the sailing capital of the U.S.A."

This article originally appeared on Pensacola News Journal: Gov. Ron DeSantis awards Pensacola $3.9 million for American Magic HQ