PANAMA CITY BEACH, FL—The St. Joe Co. and Panama City have executed a long-term land lease to bring a new hotel and restaurant to the city's downtown waterfront district. Under the terms of the lease St. Joe will lease a city-owned parcel to develop, construct and operate a waterfront hotel and standalone restaurant on a portion of the Panama City Marina property fronting beautiful St. Andrews Bay.
It took close to two years of planning, discussions and public meetings for this deal to be reached.
St. Joe initially expressed interest in the project in September of 2018 in a letter to the city and reaffirmed that interest in November of that year after Hurricane Michael, a Category 5 storm, caused significant damage to the city's downtown district.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
