The developer and founder of Innisfree Hotels, Inc, Julian MacQueen, recently began a $500 million dollar development project that will add 700 new hotel-condominium units on Pensacola Beach. The project includes four phases to be built on 21 acres of land with two hotels already in use—the Hilton Garden Inn and Hampton Inn. Phase I is the development of the Towers, which is currently under construction and is adjacent to the Hilton Garden Inn. It will add 94 suites and an additional 7,000 square feet of meeting space. Completion of Phase I is expected in spring 2007.
Phase II includes the construction of a 500,000-square-foot development on the site of the former Beachside Resort that will feature a 17-story tower, 206 rooms, 25,000 square feet of meeting space and a 1,000-seat ballroom. Phase III, projected to begin sometime in 2008, consists of two 15-story towers on the Santa Rosa Sound and a 49-slip marina, boardwalk shops and boutique-style eateries. The final phase, expected to begin in 2009, includes upgrades to the existing Hampton Inn adding a 120-room tower and four-level parking garage.