Ativas president Tejas Patel, a 28-year-old developer, couldn't be reached to learn a tentative ground-breaking date for the project or how the resort will be funded. However, he has told associates and investors Solimar will be the largest luxury beachfront development in Panama City Beach to date, area brokers tell GlobeSt.com. This Florida Panhandle city already boasts of more than 50,000 condominium homes and short-term vacation rentals, according to local hospitality industry sources.
Panama City Beach persons in a position to know tell GlobeSt.com Naidip Capital paid $40 million, or $2.5 million per acre ($57.39 per sf), for the land. The site is about 400 miles northwest of Downtown Orlando and about the same distance northeast of Tampa.
Solimar Resort homes will offer two-bedroom, three-bedroom and four-bedroom homes at prices that are expected to reach the $2-million mark for some of the units, insider sources tell GlobeSt.com. The individual condos will range in size from 1,220 sf to 2,010 sf. A sky-deck walking bridge will link waterfront homes to residences across the street from the 5,000 lineal feet of protected beach area adjacent to the resort.
The project will include a half dozen restaurants, conference and business centers, full-service spa and several fitness centers.
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