PANAMA CITY, FL-This Panhandle area in Northwest Florida, already stocked with beachfront condominium communities, is getting ready to usher in a new 160-unit product, along with 128 single-family homes, according to preliminary plans filed with the city.

The St. Petersburg-based US tower division of Taylor Woodrow plc in the United Kingdom and Olson and Associates of North Florida plan to develop an estimated $30-million condo and single-family community at Magnolia Beach and Delwood Beach Drives overlooking St. Andrew Bay.

If approved by the city, the so-far unnamed project would break ground in late summer 2005, according to Mike Moser, vice president of business development for Taylor Woodrow. A completion date hasn’t been determined for the two nine-story buildings.

The joint venture partners purchased the 20-acre development tract for $11 million or $550,000 per acre ($12.63 per sf). Condo unit prices are projected to start at $300,000, Moser says.

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