Triumph Gulf Coast to Vote on $76 Million Project for Port of Pensacola
A pivotal decision is set to take place on Wednesday, January 28, as the Triumph Gulf Coast board will vote on a proposal to allocate $76 million for Project Maeve, a significant initiative aimed at establishing a shipbuilding and maritime manufacturing campus at the Port of Pensacola. This decision could have far-reaching implications for funding availability for other projects across the Florida Panhandle. The board’s vote will not finalize the grant but will authorize negotiations for a term sheet, which outlines conditions, performance targets, and financial safeguards before any funds are disbursed.
Project Maeve is projected to create approximately 2,000 high-paying jobs over the next five years, with average salaries expected to exceed $80,000, significantly higher than both state and national averages. Triumph Gulf Coast staff estimate that the project could generate $33.60 in additional household income for every dollar invested over a decade, making its economic potential a key factor in the proposal’s appeal.
Details of Project Maeve
The proposed Project Maeve will unfold in two phases, encompassing around 400,000 square feet of manufacturing and office space at the Port of Pensacola. The first phase involves constructing a facility designed 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 and potentially complete surface vessels measuring up to 400 feet in length.
The total estimated cost for Project Maeve stands at $275 million, which includes $105 million for building construction, $25 million for site preparation and port utility upgrades, and $145 million for equipment. Triumph funds would specifically be allocated for building construction, with the city retaining ownership of the facilities as public infrastructure, leasing them long-term to the company involved. However, not all funding is secured; the application notes a pending $14 million request to Florida Commerce and an additional $15 million expected from company contributions or future grants to complete the budget.
Company Background and Strategic Importance
While the company behind Project Maeve has not been publicly disclosed, it operates within the defense and maritime manufacturing sector, supplying large ship components to major U.S. shipyards. The Pensacola site is envisioned as the company’s Southeastern headquarters, focusing on complex naval work, including components for submarines and surface vessels. City officials emphasize that the scale of this investment and the nature of the work involved make Project Maeve one of the most ambitious industrial recruitment efforts in Pensacola’s history.
This initiative aligns with 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, such as the opening of a high-performance sailing and manufacturing center by American Magic, underscore this shift. The facility supports the U.S. America’s Cup team and SailGP, featuring composite manufacturing, vessel repair, and training operations. Additionally, the University of West Florida is expanding its Watercraft and Vessel Engineering (WAVE) program at the port to bolster workforce training in marine manufacturing.
The Triumph Gulf Coast board’s upcoming vote is crucial, as it will determine the allocation of funds from a settlement related to the 2010 Deepwater Horizon oil spill. With approximately $639 million in cash and investments still available, the decision on Project Maeve will significantly influence the funding landscape for future projects across the region. The meeting is open to the public and will take place at 12 p.m. at the Tallahassee State College Wakulla Environmental Institute in Crawfordville.
