The richest “self-made woman,” according to Forbes, is investing in Pensacola’s Community Maritime Park.
Diane Hendricks is partnering with Inspired Communities of Florida, also known as The Dawson Company, and Emmitt Smith’s EJ Smith Enterprises, to become a co-owner and co-developer of the planned Reverb by Hard Rock Hotel and Rhythm Lofts apartment development at Community Maritime Park.
The development partnership, now calling itself ICF-Smith, announced that it was partnering with Hendrick’s company Corporate Contractors Inc. (CCI) to co-develop and co-own the $200 million project.
The proposed project will be a 15-story apartment building and a 10-story 125-room hotel at Lot No. 5, which is the empty lot between Blue Wahoos Stadium and the Maritime Park parking lot. The company describes the development as “a walkable, waterfront destination integrating lodging, inclusive housing, entertainment, public greenspace, and authentic architectural storytelling.”
“This redevelopment is about creating a destination that truly strengthens and serves the Pensacola community, now and for generations to come,” Hendricks said in the announcement. “We’re honored to be part of a team united by that purpose.”
Tamara Bowens, president and COO of The Dawson Company, said Hendricks’ proven ability to deliver impactful transformation in places like Beloit, Wisconsin, makes them an ideal partner to develop Maritime Park.
“This partnership represents the alignment of vision, values, and execution,” Bowens said. “By joining forces with CCI, we’re ensuring that the future of Maritime Park is not only architecturally and culturally significant—but also economically transformative for Pensacola.”
Who is Diane Hendricks?
Forbes listed Hendricks as America’s richest “self-made woman” with a net worth of $22.3 billion, and ranked her as the world’s 96th richest person. She and her late husband, Ken Hedricks, got their start in business renovating houses in the 1960s and 1970s, and co-founded ABC Supply Company in 1982, which grew into a nationwide roofing supply brand. Their company, Hendricks Holdings Inc, has been involved in other businesses over the years, from manufacturing to hospitality management.
Hendricks has also personally heavily invested in revitalizing Beloit, Wisconsin, where the ABC Supply company is based, which was facing an economic collapse in 1999 with the closure of a foundry owned by the Beloit Corporation that employed 7,000 people, according to a 2017 New York Times article on Hendricks.
Hendricks has put millions of dollars into the city’s downtown over the years, transforming the old foundry, the size of 15 football fields, into a modern office complex called the Ironworks Campus, which has attracted several new businesses to the small city.
She’s also known in the political world as a Republican megadonor and was a speaker at the 2024 Republican National Convention.
Most recently, Hendricks is featured in a new reality show on A&E with her real estate broker daughter, Konya Hendrick Schuh, called “Betting on Beloit,” which follows their projects revitalizing homes in the city.
How did Hendricks become interested in Pensacola?
Hendricks’ work in Beloit has led her to cross paths with Pensacola businessman Quint Studer, who owns the minor-league baseball team the Beloit Sky Carp, which plays at the ABC Supply Stadium built by Hendricks’ company.
ICF-Smith’s press release noted that Studer connected Hendricks to the partnership because he recognized the connection between “Dawson’s long-term development philosophy and the Hendricks organization’s commitment to revitalization through community-led investments.”
Studer told the News Journal he’s worked with CCI in the past on his Wisconsin projects, and he’s been telling Hendricks about Pensacola for 10 years.
“When I saw this project was going, I really encouraged CCI to come in and at least take a look at it to see about investing,” Studer said. “It was beyond my wildest dreams that they would also be the co-developer, co-owner, and the investment partner in this.”
Studer said CCI is known for using local contractors and subcontractors on projects, so it will benefit the local economy as well.
“They’re not one that just comes and imports all these people in,” Studer said. “They really try to utilize local contractors and subcontractors.”
Hendricks also thanked Studer for connecting her with the developers.
“I’m especially grateful to Quint Studer for his thoughtful insight and leadership in bringing our teams together, and to The Dawson Company for their trusted partnership,” Hendricks said. “Together, we’re committed to building a place that reflects the vibrant spirit of Pensacola.”
What’s the status of the Reverb by Hard Rock Hotel and Rhythm Lofts project?
The final design of the project was approved in June by the Pensacola Planning Board, largely clearing the way for the project to move forward with the normal permitting process.
Because the project is being built under the Florida Live Local Act, many of the city’s other zoning rules won’t apply to this project as long as 40% of the residential units will have rents affordable for individuals who make between 80% and 120% of the area median income for the local area.
The Pensacola City Council approved the lease for the hotel in August 2024. Under the lease, the developer has 12 months to obtain building permits from the city, and construction must begin within 45 days of getting the permits.
It’s unclear at this point if CCI joining as a co-owner requires a lease amendment that the City Council must approve.
This article originally appeared on Pensacola News Journal: Forbes’ richest ‘self-made woman’ investing in Maritime Park Hard Rock Reverb hotel
Reporting by Jim Little, Pensacola News Journal / Pensacola News Journal
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