St. Joe, Flournoy JV to Build Panama City Beach Apartment
The 300-unit apartment community will consist of four four-story buildings with elevators and air-conditioned corridors.
PANAMA CITY BEACH, FL—The St. Joe Co. and Flournoy Development Co. have formed a joint venture to develop, build and manage an apartment community here. The apartment community will be located off US Highway 98 near the Breakfast Point community.
Current plans for the apartment community include four four-story buildings with elevators and air-conditioned corridors featuring a total of 300 one, two and three-bedroom apartment homes that will be available for lease. Amenities that are planned for this gated apartment community include a resort-style pool area, wellness and health studio, playground, covered boat and RV parking, dog parks and pickleball courts among others. The proposed location for this project is in close proximity to the local schools, less than two miles from the Gulf of Mexico and Panama City Beach’s white-sand beaches and within walking distance to several shopping and dining options.
A spokesperson for St. Joe tells GlobeSt.com that the project is its third apartment community project and its first with Flournoy. Construction will begin by the end of January. Rates have not been finalized. Units will be available by the summer of 2021.
This will be the 271st apartment community that Flournoy has developed since its inception in 1967. “We are amazed at how Panama City Beach has been able to accelerate its growth and become a leader in Northwest Florida. Our partnership is looking forward to creating a top-of-the-market luxury rental community,” said Tom Flournoy, president and CEO of Flournoy.
This will be the third new apartment community in the St. Joe portfolio and the second in Bay County, Florida. When complete, these three communities will feature 877 apartment homes. “This apartment community gives St. Joe an opportunity to partner with an industry-leader in Flournoy to meet the current and future demand that we are seeing in Panama City Beach,” said Dan Velazquez, SVP of commercial real estate for St. Joe. “We look forward to the construction of these apartment homes and making them available for lease to prospective residents.”