St. Joe, the largest publicly traded commercial/residential/industrial company in Florida, is taking a calculated gamble on the project.
"St. Joe's future and the future of this area are locked together," Kevin M. Twomey, the company's president/chief operating officer/chief financial officer, says in a prepared statement. "Taking a broader view, Pier Park is a very important component of a coordinated region-wide strategy to promote quality economic development in Northwest Florida."
St. Joe Commercial, the development arm of St. Joe, is talking with national development partners and tenants for shopping, dining and entertainment venues. Gary Stetson of Quality Centers plans to break ground this fall on 250,000 sf of retail on 26 acres. About 125 jobs will be created in the first phase and 500 jobs when the project is completed in spring 2003, according to Frank W. Herring Jr., the Orlando-based president of St. Joe Commercial.
The Community Development District, set up by Panama City Beach government officials, will issue bonds next month to fund the project's infrastructure.
By next spring, the partnership of St. Joe and Panama City Beach anticipates it will have completed all of the infrastructure and have 140 acres ready for development. At that time, work will start on the north side of the project and move toward the beach, Herring says in the same company statement.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.