Triumph Gulf Coast to Vote on $76 Million Job Project
A pivotal decision awaits the Triumph Gulf Coast board on Wednesday as they consider a $76 million investment aimed at creating thousands of high-paying manufacturing jobs at the Port of Pensacola. This decision could have significant implications for funding availability for other projects across the Florida Panhandle. The board will vote on whether to authorize negotiations for Project Maeve, a proposed shipbuilding and maritime manufacturing campus at the city-owned port.
Project Maeve: A Game-Changer for Local Employment
Project Maeve is poised to transform the economic landscape of the Pensacola area by generating approximately 2,000 jobs over the next five years. The average wage for these positions is projected to exceed $80,000, significantly higher than both state and national averages. Triumph Gulf Coast staff estimate that for every dollar invested in the project, there will be a return of $33.60 in additional household income over a decade. This potential economic boost is a key factor driving interest in the proposal.
The project entails a substantial shipbuilding operation at the Port of Pensacola, which will be developed in two phases, encompassing around 400,000 square feet of manufacturing and office space. The first phase will focus on constructing facilities for cutting, shaping, and welding steel panels, as well as fabricating large ship sections known as “modules.” The second phase will introduce a larger assembly building capable of accommodating even bigger components, potentially including complete surface vessels up to 400 feet long.
The total estimated cost of Project Maeve is $275 million, which includes $105 million for building construction, $25 million for site preparation and port utility upgrades, and $145 million for equipment. While the Triumph funds would be allocated solely for building construction, the city plans to own the facilities as public infrastructure and lease them to the company long-term. However, not all funding is secured, with a pending $14 million request to Florida Commerce and an additional $15 million anticipated from company contributions or future grants still needed to complete the budget.
Strategic Shift at the Port of Pensacola
Project Maeve is part of a broader strategy to reposition the Port of Pensacola towards specialized maritime uses, moving away from low-margin cargo storage. Recent developments at the port reflect this shift, including the opening of a high-performance sailing and manufacturing center by American Magic, which supports the U.S. America’s Cup team and SailGP. This facility includes composite manufacturing, vessel repair, and training operations, further enhancing the port’s maritime capabilities.
Additionally, the University of West Florida is expanding its Watercraft and Vessel Engineering (WAVE) program at the port, aimed at supporting vessel engineering research and training workers for marine manufacturing. Public investment has played a crucial role in these developments, with Triumph approving funds for renovations and expansions to support these initiatives.
City officials emphasize that these projects are part of a deliberate effort to create a maritime cluster that integrates research, manufacturing, and water-based transportation. Mayor D.C. Reeves has articulated a vision that balances industrial use with redevelopment, stating, “It’s not condos or cargo. We can have both.”
The upcoming vote by the Triumph Gulf Coast board is critical, as it will determine the allocation of funds that could significantly impact economic development in the region. Triumph Gulf Coast was established by the Florida Legislature to invest settlement funds from the 2010 Deepwater Horizon oil spill, focusing on long-term economic recovery and job creation in the affected counties. With approximately $639 million in cash and investments still available, the board must carefully consider how to allocate these resources, especially in light of existing commitments and the need to address funding gaps in certain counties.
The Triumph Gulf Coast board is set to meet at 12 p.m. on Wednesday, January 28, at the Tallahassee State College Wakulla Environmental Institute in Crawfordville. The meeting is open to the public, allowing community members to engage in this significant decision-making process.
