May 11, 2023
Triumph Gulf Coast Approves $8.5 Million Grant for Port of Pensacola
The City of Pensacola is excited to announce the approval of an $8.5 million grant for the Port of Pensacola to complete renovations to Warehouse 10, which will allow American Magic to permanently relocate their headquarters to the Port of Pensacola.
Triumph Gulf Coast voted today to authorize city staff to move forward with term sheet negotiation for the $8.5 million grant, which will include design, renovation and completion of the partially completed Warehouse 10 at the Port of Pensacola. Renovations will include a 50-foot addition, along with design and construction of a dock and boat ramp.
The permanent relocation of American Magic will create 170 jobs in the advanced manufacturing, engineering and design, and high-tech research and development sectors.
“Today is a huge step in making Pensacola, Florida the sailing capital of the United States,” Mayor D.C. Reeves said. “The support from the Triumph board and American Magic Sailing is monumental for the city, The Port of Pensacola and the entire region. We appreciate the board seeing this project the way our administration has: The American Magic team calling Pensacola its permanent home will be transformational for this community.”
American Magic has used the Port of Pensacola on a temporary, seasonal basis since 2018, most recently training on Pensacola Bay in preparation for the 37th America's Cup in Barcelona.
American Magic is developing a pathway for a generation of engineers, boatbuilders and technicians to enhance the marine industry in the United States and set Pensacola on a trajectory of being a leader on the world stage.
The Triumph Gulf Coast-funded project will be constructed on publicly owned land, with the City of Pensacola retaining ownership of the land, facility and associated infrastructure. The warehouse facility will be leased to American Magic, with the dock and boat ramp to be used by American Magic as well as other Port of Pensacola tenants.
The City of Pensacola is pursuing additional funding for the project that has not yet been awarded, including $3.9 million from the Governor’s Job Growth Grant Fund and $1.5 million from the Florida Seaport Transportation Economic Development Program.
Once fully funded, design and construction of this project is anticipated to take 24 months. Job creation is expected to begin immediately, with a total ramp-up period of 24 months from construction completion.
This project aligns with the publicly approved Portside Vision Plan, and it firmly establishes the Port of Pensacola and the state of Florida as the premier location for cutting-edge watercraft and boatbuilding innovation on a global scale.
For more information about the Port of Pensacola, visit portofpensacola.com.
To learn more about American Magic, visit americanmagic.com.