Welcome to Panama City Beach, Florida

Area Highlights•27 miles of world famous white sandy beaches along the Gulf of Mexico

•7 million tourists

•16,600+ lodging units including 4,400+ hotel units and 7,800+ condos

•Direct tourist expenditures of $547 million

•$1.5 billion economic impact from tourism; $163 million in accommodation sales

•$413 million in goods and services; Over 14,000 local jobs

•612,602 households within a 100 mile radius of Panama City Beach

•16,600+ additional units currently under constructions within 15 miles

•14 miles from Panama City and 41 miles from Destin, Florida

•Ranked 4th Most Popular Vacation Rental Destination (Hotels.com, 2004)

Panama City BeachPanama City Beach is a nine-mile linear city, the City of Panama City Beach, and 18 miles ofunincorporated Bay County. It is part of a four county (Bay, Gulf, Okaloosa, and Walton) coastal region along the Gulf of Mexico. Panama City Beach has over 7 million annual visitors, 4 millions of whom stay overnight. It is one of the most popular vacation destinations in Florida. Over 90 percent of the area’s visitors drive to the area – 2nd only to Disney/Orlando as the primarily destination of automobile visitors to Florida

Panama City Beach is within a day’s drive of over 61 million travelers (20% of the US population).Visitors from such markets as Atlanta, Orlando, Birmingham, Memphis, and metropolitan Houston can reach Panama City Beach in less than 120 hours. There are also large numbers of international travelers, especially from Canada, Germany, the UK and Scandinavia.

Panama City Beach, Florida has long been

known as "The World's Most

Beautiful Beaches", but over the

past few years and in the next few years to

come, the small beach town

has undergone a complete transformation.

New and Exciting Panama City Beach, Florida has arrived. Great new restaurants, new attractions,

and new resorts await your return. In the rebuilding, the Panama City Beach Area has developed

into several distinct areas, each offering something unique and different to visitors and residents alike.

As the redevelopment of Panama City Beach, Florida has continued, a majority of Enter-tainment has condensed around a central area near the Eastermost end of Front Beach Road. The Entertainment District hold the highest concentration of family attractions, entertainment and dining choices. Within a compact 5 mile radius called The Entertainment District lies 126 holes of mini golf (including 18 indoor Blacklight holes), Batting Cages, Skee Ball, Bungee Jumps and Arch Swings, 45 holes of Championship Golf, a dozen Go-cart race tracks (including 3 multi-level tracks), 3 arcades, A 36,000 sq ft Bowling alley with complete pool hall and Roller Skating Rink, 11 Movie Screens (including a 1 screen outdoor theater), a Human Sized Grand Maze, a Haunted House, a Zoo, 2 Super Clubs, over a dozen restaurants ranging from Casual Fine Dining to Fast Food, and opening Spring of 2006, the World Famous Ripley's Believe It or Not 'Odditorium'.

East Beach - East Beach offers a more pristine and quiet envi-ronment that will help you get back to the nature of Panama City Beach, Florida. From the beautiful St. Andrew's State Park and Shell Island, to the Golfing at Bay Point, to the marinas of Grand Lagoon, East Beach offers a little bit quieter side of Panama City Beach.

Development is booming on Back Beach Road ‘Turning into a real city’ By Ed Offley News Herald Writer 747-5079 / eoffley@pcnh.com

PANAMA CITY BEACH Back Beach Road is booming. Forget the economic models and housing forecasts that say Florida real estate is in a funk. The 21-mile corridor from the Hathaway Bridge flyover to Lake Powell is churning with workers and construction gear. The sand is flying as developers clear-cut pine growth along the highway — also known as U.S. 98 and Panama City Beach Parkway — to level the building sites, scour out drainage ponds, pour concrete and frame buildings. “This whole side of the bridge is turning into a real city,” said longtime Beach developer Roddie Bailey, who is developing Ibis Lake, a mixed-use community of 300 condominiums, 53 residential lots and commercial outlets on 32 acres a mile west of State 79. “It’s not a matter of if — but when.” While longtime residents say the growth along the U.S. 98 corridor has been relatively stable over the past two decades, the end of an 18-month slowdown in the housing market and the spring construction season have sparked what clearly appears to be a major surge in building. A survey by The News Herald of ongoing and planned construction projects shows that the parkway, which includes the city and unincorporated Bay County on either end, is transforming from a semi-rural byway to a major residential and commercial corridor, with several major trends apparent. Housing boom Nearly 5,000 housing units are either under construction or in various stages of planning from Lake Powell to the bridge flyover. They range in size from Quaker Square Development’s 900-unit planned unit development, slated for a 71-acre tract on the north side of the parkway west of Alf Coleman Road, to an 18-lot subdivision off Kelly Street in the west beaches area. Assuming 2½ residents per unit, that translates into more than 12,500 new residents for the region within the next few years. Within that housing sector, developers are moving to serve what they say is a projected influx of families and young professionals attracted to the expanding job market on the

Beach. Four major deluxe apartment communities are either open or under construction along the corridor, with a total of 1,128 apartments available by year’s end. One company that identified renters as a vital component of the Beach housing market is Trammell Crow Residential of Orlando, one of the nation’s largest apartment community developers. The firm is building two separate luxury apartment projects with 360 units apiece 10 miles apart on the corridor. The Alexan Back Beach community, located directly across the parkway from the Hombre Golf Course, is open now, said property manager Deanna Stiers. Tenants enjoy the privacy of a gated community, a swimming pool, fitness center, detached garages and optional boat parking. Monthly rents range from $885 for a one-bedroom unit to $1,215 for a three-bedroom apartment. Contractors recently began site clearing for the second complex, Alexan Laguna Beach, located just east of 14th Street on the north side of the parkway, said company development partner Ed Wood. “Independent market studies indicate the market up there is undersupplied,” Wood said. “All the existing apartments are full and I don’t think there are any new luxury apartments.” The target market, Wood said, is “work-force housing.” That ranges from working professionals to people in the military. The company also has identified support for such housing among the nation’s growing retiree community, he said. Bank boom The banking industry has taken strong interest in the boom. Florida and out-of-state financial institutions have more than five dozen planned or under-way construction ventures, and all are racing to become part of the new Beach community. Nine new bank branches are under construction along the parkway, joining another dozen that have gone up in recent years. Troy Campbell, a senior vice president of Coastal Community Bank, which has opened one branch on the parkway already and has applied for rezoning approval for a corporate headquarters near State 79, said most business leaders have been anticipating the boom for years. The proliferation of bank branches, he noted, is a strong signal that a sustained period of growth is under way. “Most banks try to enter a market with a great potential to be strong,” he explained. “They tend to come in when the interest comes in but before the residential market gets that strong.”

Commercial, retail boom Commercial and retail growth also is accompanying the housing surge. In addition to major retailers such as the Lowe’s and Target stores already open in Panama City Beach, a wide cross-section of smaller business offices, specialty stores and retail outlets are planned or under way. These range from a three-story office building that the accounting firm of Carr Riggs Ingram is building just east of Nautilus Street, to several retail malls such as Nautilus Station and one at the Home Depot shopping center. And many of the larger residential communities plan to incorporate specialty retail and commercial sites colocated with the condominium units. For example, the still-unnamed Quaker Square Development project includes plans for more than 240,000 square feet of commercial and retail space in addition to its residential units. A wide variety of individual commercial projects are taking shape along the corridor, ranging from a Mainstay Suites hotel just at the foot of the Hathaway Bridge flyover to small-scale developments such as the $3 Dollar Car Wash, a proposed Tuffy’s auto repair shop and a profusion of real estate offices. The Beach Commerce Park, another St. Joe development, has opened a massive Phase II section that will provide sites for dozens of lightindustrial and commercial warehouses north of Back Beach Road. Several major warehouse projects already are under construction or complete, said company spokesman Jerry Ray. Future growth Government officials and developers agree there is no foreseen end to the current boom. Much of that will occur as a result of long-term plans by the St. Joe Co. to develop not only its massive West Bay Sector properties surrounding the planned new international airport, but also in building out its holdings directly along the Back Beach Road right of way. The Panama City Beach planning department and the St. Joe Co. project the company will develop an additional six major projects totaling 5,300 housing units in the Back Beach corridor over the next decade or so. The largest of these is the planned Breakfast Point tract located north and east of the Home Depot shopping center on Beckrich Road, which anticipates a major residential and mixed-use community of 2,500 homes when complete. Along with the vast quantity of new housing, business and entertainment projects will come quality as well, developers say. “We hope to attract more upscale projects,” said Bailey, president of Ibis Lake. “Here, we are building a high-end subdivision within walking distance of the beach.” Campbell agreed.

“I kind of think Panama City Beach is going to be a bit different than other communities. I’m hoping it doesn’t turn out to be a concrete and brick wall.” In anticipation of that development, the Bay County School Board and Panama City Beach City Council earlier this year agreed to build a new K-8 public school on the property just east of Arnold High School. Plans also are proceeding to extend Beckrich Road north of the parkway onto the Breakfast Point property. In addition, the city is proceeding with plans to “calm” traffic along the parkway with proposed traffic signals near Pier Park and at the Clara Avenue intersection. “Back Beach Road is going to end up the 23rd Street of Panama City Beach,” Bailey said.

A new high-rise greets travelers as they head toward the Back Beach Road corridor, also known as U.S. 98 and Panama City Beach Parkway. The corridor is booming with development, with new banks, apartment complexes and more.

The Panama City-Bay County International Airport DSAP addresses the proposed relocation of the Air-port from the existing 700-acre site in Panama City to a 4,000-acre site in the north central portion of Bay County, north of CR 388. The Future Land Use des-ignations sought by this DSAP are an Airport Indus-trial classification for the 4,000-acre airport site and an Airfield Installation Compatibility Use Special Treatment Zone encompassing a 10,000-foot pe-rimeter around the airport runways The relocation of the Airport will accomplish two pri-mary objectives. The first objective is to provide suffi-cient space for the expansion of aviation facilities to serve the short and long term needs of the region. The second is to avoid conflicts between the Airport operation and surrounding land uses that have devel-oped over time at the existing Airport in Panama City. The initial Airport development will include the con-struction of a primary 8,400-feet runway, 5,000-feet crosswind runway, commercial passenger terminal, general aviation terminal, air traffic control tower, and Airport support and service facilities. Development around these active runways will include aviation, general use, and commercial and industrial uses. The long-term development will include future con-struction of an 8,400-feet third runway, with associ-ated clear zones, taxiways, and air navigational im-provements. All development after the initial phase will be non-sequential based on the demand for addi-tional air traffic capacity improvements or lease space.

Southwest Airlines Officials Taking Look at Panhandle By Tom McLaughlin and Valerie Lovett Florida Freedom Newspapers 747-5078 / vlovett@pcnh.com PANAMA CITY A Panama City-Bay County International Airport official on Fri-day confirmed meetings earlier this week with representatives of Southwest Airlines but declined to discuss details concerning potential new service to the Panhandle. “The issue with the airlines is that it is an extremely competitive industry and they are sensitive about any discussion with regard to economic development issues,” Airport Authority Executive Director Randy Curtis said. “I don’t want to do anything that would jeopardize our future.” Southwest officials met with airport brass at three area facilities, in-cluding Pensacola and Okaloosa Regional airports. Curtis would not comment on how the relocation of Panama City’s airport to a 4,000-acre site at West Bay might factor into Southwest’s plans. Bids on the first phase of the project are expected to go out before the end of the year, Curtis said, with construc-tion beginning by the end of March. “I know we’ve been approached by sev-eral carriers who have an interest in the new airport,” he said. “But it’s an ex-tremely competitive industry, very sensitive, and they don’t want their mar-keting plans out in the public.” Okaloosa Regional Airport officials were more forthcoming after their meeting with Southwest. Particularly inspiring was the interest the group showed in the Emerald Coast as a customer base, said county Airports Director Jerry Sealy. “This was the first time they’ve sat down with us and tried to get their hands around what they would tell their customers they’d be getting through service in this com-munity,” he said. Sealy said he believes Southwest is “about a year out” from announcing plans to fly out of a Northwest Florida airport. Okaloosa Regional officials hope their facility will be chosen over those in Pensacola or Panama City. “We have a good opportunity, and maybe even better than Pensacola and Panama City,” said Terry Curry, Okaloosa Regional’s operations manager. “Our facility, I think, is more suited to their needs than the others.” Sealy said Southwest’s team appeared particularly impressed by Okaloosa Regional’s new terminal, its continuing expansion and its lower cost per passenger — a savings realized by sharing facilities with Eglin Air Force Base. Airport administrators, joined by business and tourism officials, sought to sell their guests on Okaloosa Regional’s potential to draw flyers from both east and west. “Geographically we’re well suited to serve the entire Emerald Coast,” Sealy said. Southwest Airlines officials downplayed their visits. “Our (team) was just on a routine research visit to the gulf shore area to maintain relationships, just as they do at airports all across the country,” said company spokeswoman Marilee McInnis. “We’re not planning to service any new cities in the next year, just to build what service we have.”

Thursday, November 30, 2006

Has the market hit bottom? In a recently release article from Reuters, it was reported that The Bill and Melinda Gates Foundation had holdings as of Sep-tember consisting of over 6 million shares of various home builder stocks. Centex, Beazer, and WCI were among the few of

them.

If someone this big is making a move like this, are they speculating that the bottom has been hit?

This is the exact model that Buffett uses (is that surprising). Buy a promising product when it's down and prepare for the up-swing.

This goes hand-in-hand with my post on Learning to Invest. When the market is down, buy cheap, buy as much as you can, plan

to hold it and prepare for the up-swing.

Gates Foundation beefs up holdings with home builders

Wed Nov 15, 2006 10:24 AM ET

By Karey Wutkowski WASHINGTON, Nov 15 (Reuters) - Microsoft Corp. <MSFT.O> Chairman Bill Gates, through his charitable foundation, showed a strong interest in home builders despite a struggling market, reporting that the entity had taken new stakes in seven of the nation's largest home-building companies. The Bill & Melinda Gates Foundation Trust reported new stakes in KB Home <KBH.N>, Centex Corp. <CTX.N>, Pulte Homes Inc. <PHM.N>, Lennar Corp. <LEN.N>, Beazer Homes USA Inc. <BZH.N>, Ryland Group Inc. <RYL.N>, and WCI Communities Inc. <WCI.N> in its quarterly filing with the U.S. Securities and Exchange Commission on Tuesday, which shows its holdings as of Sept. 30. The U.S. housing market has slumped in recent months, causing home builders to report lower profits and pull back on financial forecasts. The Dow Jones U.S. Home Construction Index is down about 25.7 percent since the end of last year. Billionaire investor Carl Icahn also showed an interest in WCI, which builds luxury homes and condominiums in Florida, through his reported holdings released on Tuesday, sending WCI's stock up 11 percent. The Gates Foundation's largest home-builder holding was in Pulte, the nation's No. 2 home builder, with 1.82 million shares. It reported holding 1.1 million shares in Centex and 1.01 million shares in KB Home, which is undergoing a stock option investigation and announced on Sunday that its chief executive was leaving. The Gates foundation also reported a 674,200 share stake in Ryland, a 887,000 share stake in WCI, a 574,300 Class A share stake in Lennar, and a 259,400 share stake in Beazer. The size of the foundation's portfolio increased dramatically from the previous quarter to $6.16 billion from $4.02 billion, mostly due to billionaire investor Warren Buffett's $1.6 billion gift in Berkshire Hathaway Inc. stock. It was the first major installment in Buffett's plan to give away much of his fortune. The move united the world's two richest people, who said they were trying to fight disease, reduce poverty and improve educa-tion. The Gates Foundation also reported in its filing on Tuesday that it had taken on a 666,000 share stake in car maker DaimlerChrysler AG <DCXGn.DE> and increased holdings in Canadian National Railway Co. <CNR.TO>, Coca-Cola FEMSA. <KOF.N> and Expeditors International of Washington Inc. <EXPD.O>

NEWS RELEASE

Panama City – Bay County International Airport Media Contact:Randy Curtis Airport Executive Director (850) 763-6751 ext. 203

PANAMA CITY – BAY COUNTY INTERNATIONAL AIRPORT RECEIVES FINAL FEDERAL PERMIT NEEDED

FOR AIRPORT RELOCATION

Airport Relocation Project Enters Construction Phase

Panama City, Florida – (August 16, 2007) – The Panama City – Bay County International Airport and Industrial District (Airport Authority) announced today that its airport relocation project is entering the construction phase now that the U.S. Army Corps of Engineers has issued the final necessary federal permit, completing the permitting process. The new airport will be located in western Bay County north of County Road 388 and east of State Road 79 on land being donated by The St. Joe Company (NYSE: JOE).

“With the permitting process now complete, we have entered the construction phase of the project,” said Airport Authority Chairman Joe Tannehill. “We intend to move expeditiously to a groundbreaking.”

“The receipt of this permit marks yet another major milestone in the decade long effort to bring better air service to Bay County and all of Northwest Florida,” said Tannehill. “We have moved a giant step closer to providing this community the opportunity for better air service and more competitive fares; the opportunity to attract new business, industry and jobs to our region; and the opportunity to protect West Bay and preserve tens of thousands of acres for public use and enjoyment.”

Under the terms of the Section 404 permit, The St. Joe Company is providing a conservation easement on 9,609 acres for the mitigation of airport construction impacts. The land, located southeast of the airport site, will become part of the West Bay Preservation Area. This easement will become permanent upon the commencement of construction of the airport. St. Joe is also donating 4,000 acres for the new airport site.

All Major State and Federal Permits for Airport Relocation Now in Hand

“We have now completed both the state and federal permitting process, and we have honored our commitment to protect and enhance West Bay as part of the airport relocation process,” said Tannehill.

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Friday, September 7, 2007

Jacksonville Business Journal

The Panama City-Bay County International Airport has secured a $26.3 million federal grant to build the first phase of a new airport on land owned by The St. Joe Co.

St. Joe donated 4,000 acres for the airport as part of a deal to get a mixed-use development project approved in the Panhandle, and an additional 9,000 acres for mitigation of the impact of airport construction. In July Bay County found a buyer for the property the existing airport occupies.

"The airport authority made important progress on three fronts today: finance, construction and environmental protection," said Panama City-Bay County International Airport Authority Chairman Joe Tannehill. "We are going to work tirelessly to make this airport a major success for this entire region."

The grant came from the Federal Aviation Administration's Airport Improvement Program. The airport also agreed to obtain a $6 million letter of credit to provide financial assurance for the implementation and management of the 10,000-acre mitigation area associated with the airport's relocation.

Phoenix Construction, based in Lynn Haven, near Panama City, will do site preparation for the new airport for $112.5 million.

Construction is expected to start this year on the 4,000 acres donated by St. Joe as part of its 16,000-acre West Bay development. The first phase consists of residential units, commercial space and a hotel. The second and third phases of the project consist of industrial, commercial and retail space; residential units; a marina; and an inn.

The St. Joe Co. (NYSE: JOE), based in Jacksonville, is one of Florida's largest real estate

$26M grant to start new Bay County airport

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operating companies. It focuses on real estate development and sales, with significant interests in timber. It owns more than 800,000 acres, mainly in northwest Florida, and has $1.56 billion in assets.

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Previously, the Airport Authority had received all necessary permits from the state of Florida, selected a project construction manager and secured financial commitments from the state of Florida and the Federal Aviation Administration (FAA). The Airport Authority has received bids for the first phase of airport construction and will select a contractor shortly. In addition, the Airport Authority is working to complete negotiations for the sale of the existing airport.

Rigorous Process Ensured Net Environmental Benefit

In evaluating the Airport Authority’s permit application, the USACE was required to consider 1) what cumulative impacts the project would have on the environment if the permits were approved, and 2) if practicable alternatives that would impact fewer wetlands exist.

In issuing the Section 404 permit, the USACE concurred with the Florida Department of Environmental Protection’s (FDEP) analysis. In its analysis, FDEP cited a number of net ecosystem benefits that will result from the project, including:

The conservation and permanent protection of significant contiguous portions of the West Bay region, including bay shoreline, wetlands, streams, uplands and the overall watershed;

A wetlands function lift significantly in excess of that needed to compensate for functional losses (impacts);

A mitigation plan that significantly exceeds both state and federal requirements for all possible current and future impacts; and

An effort to restore a large contiguous tract of uplands and wetlands to approximate historical conditions more suitable for dependent species native to the area.

Environmental Protection is a Key Benefit of Airport Relocation

“Local environmental groups and the State of Florida opposed expansion of the current airport in the mid-1990s because of the threat it presented to the St. Andrews Bay system,” said Tannehill. “They sought to create a 'win-win' plan for the future by protecting the bay and relocating the airport. Their objective became the Airport Authority’s objective. And by working together, West Bay, one of the most pristine bays in Florida, will have important permanent protections in place to ensure future generations will be able to enjoy it, as we have.”

Dozens of public meetings and many hours of dedicated work by local citizens, local and national environmentalists, the Bay County Commission and the State of Florida produced the West Bay Area Sector Plan, one of the largest land plans of its kind in the United States. During the years of planning, the Florida Audubon, The Nature Conservancy, the Bay Environmental Study Team (BEST), 1000 Friends of

Florida and Florida Wildlife Federation and other local environmental leaders and organizations participated in creating a plan and policies for the sector plan that will protect the water quality, habitat and scenic beauty of West Bay forever.

In addition to the sector planning process, the Airport Authority entered into an Ecosystem Management Agreement (EMA) with the FDEP. The EMA includes a comprehensive mitigation plan for the environmental impacts of the relocation and construction the airport.

The EMA was reached using Florida’s innovative Ecosystem Team Permitting approach, a process whereby environmental impacts associated with the airport relocation were avoided or minimized, and a comprehensive mitigation plan was developed through consensus building between the Airport Authority, regulators, and other stakeholders, including local environmental organizations.

The ecological portion of the mitigation plan is also the result of an interagency comprehensive regional planning effort in which the U.S. Army Corps of Engineers, the Florida Department of Community Affairs, the Florida Department of Environmental Protection, Northwest Florida Water Management District, the Florida Department of Agriculture and Consumer Services, the Florida Fish and Wildlife Conservation Commission, the U.S. Fish and Wildlife Service, the National Marine Fisheries Service, The St. Joe Company and the Airport Authority participated.

Relocation of the Panama City – Bay County International Airport

The Airport Authority is nearing completion of a ten-year process to relocate the Panama City – Bay County airport. In the late 1980s, the Airport Authority began an effort to address significant deficiencies at the existing airport, including non-standard runway safety areas. When local environmentalists and the Florida Department of Environmental Protection objected to extending the existing runway system into Goose Bayou, a particularly environmentally sensitive part of St. Andrews Bay, the Airport Authority began considering relocating the airport.

After completion of a feasibility study in 2000 and a site selection study in 2001, the Airport Authority identified a new site for the airport in northwestern Bay County (West Bay) on land owned by The St. Joe Company.

Following the FAA’s selection of the site, the Airport Authority partnered with the State of Florida, Bay County and St. Joe in an innovative planning process authorized by Florida law known as “optional sector planning.” The process included numerous public meetings, data gathering, analysis and visioning for the future. The plan was approved by Bay County and the State of Florida in 2002 and detailed specific area plans were also approved in 2003.

The sector plan incorporates approximately 78,000 acres and of particular significance is that the boundary of the plan includes an entire bay system (West Bay)

thereby allowing unprecedented planning to protect an entire watershed. The purpose of the plan was to ensure that appropriate land uses were placed near the airport and that appropriate environmental protection measures were built into the plan. The plan is conceptual and guides future development and conservation.

One of the most innovative elements of the plan, in addition to the airport and economic development provisions, is the proposed West Bay Preservation Area. The West Bay Preservation Area was designed by local and state environmental leaders to preserve the health and habitat of West Bay forever. This watershed scale plan will preserve approximately 41,000 acres and, when fully implemented, will provide for habitat corridors, open space and stream protection.

Simplified, the objective of the West Bay Preservation Area is to maintain West Bay in its present, pristine state forever. Its vision, especially when compared to the development that has occurred on Florida’s other bay front lands, holds the potential to be one of the most significant conservation measures in Florida history. The plan has won statewide praise including the “2007 Promising Practices Award” from the Council for Sustainable Florida.

In 2004, the FAA began preparing a Draft Environmental Impact Statement considering two-dozen alternatives for addressing the deficiencies at the existing airport. In May 2006 the FAA issued its Final Environmental Impact Statement, identifying relocation to the West Bay Site as its Preferred Alternative. In September 2006, the FAA issued its Record of Decision recommending and approving relocation of the Panama City airport to the proposed site in West Bay. There is currently a judicial challenge to the FAA’s ROD; however, the ROD remains in force.

September 25, 2007

Thomas Drive Flyover Project

The Thomas Drive flyover project consists of three phases, the first of which is already completed, the second will service the west-bound traffic and will cost an estimated $30 to $40 million and phase three will be less than $20 million and will take care of getting motorists onto Thomas Drive. The planning is done, but there is no funding in place for phase two or phase three and there is nothing on the drawing board for securing this funding. I was told that the need assessment has been completed but that there is limited state funds for projects such as this and this project is not top priority. And that’s it.

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A small city needs one of two things to jack up hous-ing demand: more people or wealthier people. Unlike the rest of Florida, Panama City hasn't really attracted either, mainly because it's isolated on Florida's panhandle. The interstate highway system bypasses it, and the runway at the local airport isn't long enough to support anything beyond regional jets. But now Panama City is poised to host big airliners, more visitors - and a lot more buyers. State and local governments and a top regional developer, St. Joe Co., are planning to build a new airport by 2008 at a cost of more than $300 mil-lion. Locals expect the new facility to open up the region the way Southwest Florida International Airport in Fort Myers helped drive a housing boom along Florida's southwestern coast in the 1980s. "Panama City is an economy waiting to break out," says Steven Cochrane, chief regional economist for Moody's Economy.com. Other factors increasing demand: Property prices are still low by Florida standards, and the local market has already ab-sorbed a price correction after peaking last year. Janet Roan, a Century 21 agent in Panama City, notes that two-bedroom beachfront condos are going for as little as $330,000 - down by more than $100,000 from 2005. CAUTION: Local politicians, notoriously cozy with builders, have green-lighted several master-plan communities for future development. If supply gets out of hand, prices will stall.

1. Panama City, FL

72% Projected gain in home

prices (5-year)*

Median home price

2006: $223,000

2011: $383,000

Population 2006:

166,000 2011:

187,000

Per capita income 2006:

$31,000 2011:

$40,200

Top 10 cities: Where to buy now The real estate slump could get worse be-

fore it gets better.

But these 10 markets offer great opportuni-ties for

those who have the patience to buy and hold.

Pier Park is forecasted to become the new "Downtown Panama City Beach," with its collec-tion of enchanting eateries and espresso bars, chic retail shops, and a 16-screen state-of-the-art movie theatre. The 900,000 sq. ft., open-air life-style center is ideally situated between Front and Back Beach Roads, right in the heart of Panama City Beach, to serve the growing residential com-munity, exploding condo market, and over six million tourists that visit each year. Developed by Simon Property Group, Pier Park will serve as the premier shopping destination for the Panama City Beach market and the entire Emerald Coast. Target is currently open for business, and con-struction has begun on Southern Theatres' Grand 16 Theatre, which is scheduled to open in summer 2007. Back Porch Seafood House and Reggae J's Island Grill will both feature fresh Gulf seafood and direct views of the Gulf of Mex-ico. Ron Jon's Surf Shop, Panera Bread, Old Navy, Johnny Rockets, Longhorn Steakhouse and Starbucks are other restaurants and retailers to look out for. Some retailers will open their stores at Pier Park in 2007. The Grand Opening of the project is scheduled for spring 2008.

P IER Park—A great Place to Shop, Eat and Play

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Best Place to Buy a Home

Mark Jenkins (mjenkins@wmbb.com)

News 13 on your side

Thursday, October 26, 2006

PANAMA CITY - Panama City is making strides toward becoming one of the most rec-ognized cities in America.

An article in Business 2.0 says the highest potential for home price appreciation is right here in Panama City.

The story expects housing prices in Bay County to increase 72% over the next 5 years.

The average home in panama city currently sells at $233,000.

But in just 5 years, that same house would nearly double in price.

Word of Panama City's potential already has Jeff Mitchell's phone ringing.

He put his house on the market in June, but is just now starting to see activity.

"Again we haven't had any response in six weeks we feel like we have a great piece of property to offer, but nobody was interested. It seems like over night we had response, the phone calls the realtors started bringing more people in," he said.

John Shook, Owner of Exit Innovative Realty in Panama City, is not surprised to see Pa-nama City named number 1. He's been watching the market for the past 7 years and has always predicted a lucrative future.

"The prices here have always been very affordable and have actually been repressed for decades and there has been great opportunity. It has a lot to offer and there's not much been done about it yet. As people start developing it correctly it's going to draw a lot more people."

If you'd like to read the full report by Business 2.0 click here.

http://money.cnn.com/popups/2006/biz2/newrules_bestinvest/index.html

Thursday, November 09, 2006 Real Estate is Still Selling

Despite the apparent slow-down in the real estate market in the Panhandle, people are still buying.

True, there are not

as many buyers

here than last year or the year before, but if it is priced right, someone will want to buy it. Below is data from the Bay County MLS.

Sold in Panama City Beach summer 2004

• 314 homes sold from a 3/2 in Woodlawn for $105k to a 2700 sf gulf front home for $2M

• 603 condos sold from a studio at Top of the Gulf for $147k to a Hidden Dunes 3200 sf penthouse for$950k

Sold in Panama City Beach summer 2005

• 272 homes sold from a 3/2 for $175k to a 3600 sf Lake Powell-front 4 bedroom home for $1.5M

• 598 Condos sold from a new studio at Majectic for $139k to a 4 bedroom, 3100 sf at En Soleil for $1.7M

Sold in Panama City Beach summer 2006

• 158 homes sold from a 3/1 for $145k to a 7200 sf bayfront home in Colony Club for $2M

• 313 condos sold from a $20k parking space in Calypso to a 4 bedroom penthouse in En Soleil for $1.6M

Summer is defined from May 1 to August 30.

P C B D A I L Y . C O M

A N I N F O R M A T I O N H U B F O R A L L T H I N G S R E A L E S T A T E

I N P A N A M A C I T Y A N D P A N A M A C I T Y B E A C H .

> PLACE | FLA 03 29 06

BOOMING BAY COUNTY

Dees Stribling

The new Bay County welcome mat in the form of an airport.

Build it and they will come. Occasionally that happens in real life, and in the case of Bay County, Florida, it's about to happen in a big way. By the end of this decade, Bay County (and its main city, Panama City), promises to be among the fastest growing areas in the state, if not the nation.

"It" in this case is a new international airport in Bay County, the first major airport developed in the United States in years. "They" are home-buying retirees from the Midwest and Northeast, time-sharing vacationers, beachfront aficionados, spring-break revelers, real estate investors,

developers, speculators and flippers. The rush is just beginning.

As Florida counties go, Bay County is fairly small and has seen only modest growth in recent years, with its population expanding from about 127,000 in 1990 to 155,000 now, according to U.S. Census Bureau numbers. The county traverses a complex of bays (St. Andrews, West, North and East bays) on the Gulf Coast, with access to miles of desirable beaches; it is part of the "Redneck Riviera," to use a term no doubt frowned upon by local boosters, and it draws vacationers and second-home buyers mainly from the rest of the Florida Panhandle and nearby Alabama and Georgia.

It's been that way for decades in Bay County. For one thing, the Interstate system bypasses the area, with the major east-west route I-10 connecting Pensacola to Tallahassee, though a couple of four-lane U.S. routes go to Panama City. More importantly, the current Panama City-Bay County International Airport is small and its capacity is seriously limited.

In fact, at just over 6,300 feet, the airport's main runway is one of the shortest used by commercial airlines in Florida, and the runway safety area (that is, the runway overrun)doesn't meet current FAA standards, though it was grandfathered in. Another problem for the current airport is that flight patterns into it are restricted by the presence of two major Air Force bases nearby.

Map of the Bay County area in Florida.

"It was clear by the mid-1990s that something had to be done, and the question was whether the existing airport could be expanded, or there needed to be a new airport, and if so, where," says Randy Curtis, executive director of the Panama City-Bay County Airport and Industrial District (the airport authority). "At first, plans to expand the current runways were seriously considered."

Since the airport is hemmed in on its landward side by residential properties, expansion would

have meant expanding into St. Andrews Bay, a prospect that conservation groups vigorously opposed. Not only that, any runways close to the bay are vulnerable to storm-surge damage, a risk long acknowledged but which the hurricane season of 2005 impressed more fully on the entire Gulf Coast. Because of these concerns, the FAA eventually nixed any expansion of the existing facility. A new airport was the way to go.

But where? That's where Jacksonville-based St. Joe Co. comes into this story, as a sine qua non of a new airport, or really any major development in the area. Though it isn't well known outside Florida, the St. Joe Co. (NYSE: JOE) is the largest private landowner in the state, holding roughly a million acres, which is even larger than the much more famous Disney holdings. Most of St. Joe's land is in the Panhandle, and includes about half of Bay County.

JOE's Florida land empire, acquired by a scion of the DuPont family and his partners in the early decades of the 20th century, used to serve mainly as a source of raw material for the company's paper mills. As such, the company's holdings went largely undeveloped. But in the late 1990s, the company began to transform itself by divesting its industrial operations and becoming a real estate company. Since 1998, the company has developed about 4 million square feet of commercial and residential real estate in Florida.

Early on it became apparent that the company's interests as a landowner in Bay County and the airport authority's interest in finding a new home dovetailed. St. Joe had the raw land, and the airport represented a way to spur development of the company's holdings.

The new Panama City Bay County airport will cost $312 million.

"The idea is simple, but the planning was complicated," says Curtis, referring to the airport relocation. With plenty of bad examples of sprawl elsewhere in the state, the laws governing

large-scale developments were changed in 1998 with the goal of bringing some semblance of master planning to projects as large as the redevelopment of Bay County. It isn't clear yet if the new laws will serve as checks on sprawl, but in any case they've helped fashion the new Panama City-Bay County International Airport.

Instead of piecemeal zoning and approval for a new airport and the surrounding commercial development, the project is going to follow a blueprint known as the West Bay Sector Plan, essentially an agreement between the state and county about what goes where. The centerpiece of the plan, the new airport, will go on undeveloped land near West Bay, but not too near, to protect it from hurricane damage.

Beginning in 2001, the West Bay Sector Plan took about a year and a half to hammer out. It included negotiations between the state and local governments, dozens of public hearings, and vocal input from various conservation groups, such as the Nature Conservancy, which was brought in as an independent consultant during the process. All together, the plan covers roughly 75,000 acres, about 30,000 of which, mostly waterfront along West Bay, are being reserved as a conservation area. This set-aside is the state's "single biggest land conservation effort by a private company," writes Daniel Shaw, an assistant county manager and director of development services for Bay County. "The preservation area included at West Bay is roughly the same size as all of Bay County's existing cities combined."

St. Joe donated about 4,000 acres for the airport itself, and another 9,800 acres as a conservation easement. Since much of the rest of the land in the West Bay Sector (along with acreage outside the plan) will be ripe for commercial and residential development by St. Joe (or those it might sell sites to), the donation represents an astute investment in the company's growth as a real estate developer. According to Jerry Ray, a spokesman for St. Joe, the company already has entitlements for more than 1,000 acres of commercial development and 6,000 residential units near the new airport. That will just be the beginning for the giant landholder.

St. Joe donated 4000 acres for the airport itself.

"The record of decision by the FAA on the new airport is expected in September," Ray notes; that would represent the final go-ahead for project. "The state permits are in hand, the land use entitlements are in place, and the financing for construction will be finalized after the record of decision. The airport project has a lot of momentum now."

If all goes according to schedule, the airport will be completed by late 2008. Like the current airport, it will have two runways (with expansion room for a third), but they will be considerably longer than the existing ones. There will also be terminals and other facilities totaling 100,000 square feet. Funding for the $312 million project will be roughly divided in thirds between the federal and state governments, and local sources.

"The new airport's going to be an enormous spur to growth of this area," says Ray. "There will be a significant increase in passenger service to and from the Midwest and the Northeast especially. The populations of those regions represent prime markets for residential real estate in this part of the state, which still has a lot of room to grow."

Curtis agrees, and draws a parallel to the growth experienced by the Ft. Myers, Fla. area in the years after the completion of the Southwest Florida International Airport in 1983. From 1990 to 2000, the population of Lee County (Ft. Myers is the county seat) grew 31.6%, according to the Census Bureau, besting the overall Florida average population growth of 23.5% during the same period. By 2004, Lee County's population had topped 514,000, making it the 89th-fastest growing county in the nation.

"The planning process isn't the same, but in a lot of other ways the situation is comparable to Ft. Myers 25 years ago," says Curtis. "The relocation of the airport is going to be the trigger to remake the entire Bay County area."  

SPECIAL BEACHES SECTION Rising tide of progress laps at familiar Panhandle scenes

BYLINE: PAULA CROUCH THRASHER DATE: May 21, 2006 PUBLICATION: Atlanta Journal-Constitution, The (GA) EDITION: Main; The Atlanta Journal-Constitution SECTION: Travel PAGE: K1

Panama City Beach, Fla. -- What a difference 50 years makes. Let's just say, Panama City Beach, I knew you when.

Before the Wal-Mart Supercenter and the golf courses and the luxury resorts. Before the "Miracle Strip" amusement park came and went. Even before Capt. Anderson's Restaurant and Marina, where hungry diners have lined up for fresh-off-the-boat seafood for more than three decades. Back in the late '50s and early '60s, our family spent a week at the beach on the silky white sands of the Florida Panhandle most every August. We loaded the brown Plymouth Savoy and rolled out of northwest Georgia before daylight to make it to the beach before it got too hot, picnicking at a roadside table on the way. These were the days when air-conditioning in cars meant rolling down the windows. We couldn't wait to check into the Green Star Motor Court -- perfect for a working man's holiday with efficiencies that went for $95 a week, allowing us to save money by eating breakfast and some other meals in. The rumbling window-unit air-conditioners were a real treat, something we didn't have at home. The place didn't have a pool. Who needs one when the Gulf of Mexico is across the street, Daddy insisted. The oceanfront mom and pop motels charged $125 a week -- an extravagance Daddy could not, or chose not, to afford. The Green Star was in the Long Beach area, the happening strand in those days with a pier, a merry-go-round, midway rides and arcade games at the Casino. At night, glowing in neon, it seemed to be the most magical place in the world. Watching the teenagers dance at the Hang Out, I dreamed of someday being that cool.

I never made it to the Hang Out as a teen, and it was demolished along with the Casino in 1975. But I've returned to Panama City Beach many times with my own family, and most recently as a chaperone for seven teenagers on spring break. Through the years I've watched the changes with a great deal of nostalgia.

PCB's changing face Today's PCB is far from that classic old beach town. The mom and pops are gone -- or at least boarded and up for sale -- replaced by high-rise condos that can make the most of land values. Cranes loom over Bay County beaches like great steel birds. Ten new properties opened in 2005 with 13 more expected this year, bringing the number of rooms to 24,000 by year's end. By the end of 2007, room inventory is expected to hit 30,000. To maximize beach frontage, many of the new condominiums are constructing parking garages across the street with enclosed pedestrian bridges. "This is a historic time for us," says Bob Warren, president and CEO of the Panama City Beach Convention & Visitors Bureau. Even with all the new construction, PCB still offers a variety of accommodations, including campgrounds, RV parks, church retreats and beachside cottages. For those who prefer the sort of wildlife that doesn't hang out in clubs, there's the beautiful St. Andrews State Park, where families can swim and snorkle just off the beach or take a water shuttle to Shell Island. And it's easier than ever to get here. Hathaway Bridge is undergoing an $86 million renovation scheduled for completion this summer. A new flyover will connect the bridge to major beaches, attractions and thoroughfares.

Increased air service, including daily nonstop Delta/ASA flights from Atlanta, and newly renovated four-lane highways provide speedier access. (We might add a new, international airport will begin construction next year). Odd new attraction Even for a town with a souvenir emporium with walk-through shark's mouth, the sight of a massive red-and-black classic ocean liner that looks like it somehow ran aground at the intersections of Front Beach Road, Thomas Drive and Middle Beach has got to have people dropping their jaws. The three-story Queen Mary-esque ship is the home of Ripley's Believe It Or Not Odditorium and Ripley's 4-D Moving Theater, scheduled to open this summer. The Odditorium is a showcase of fascinating finds from around the world: a shrunken head from Ecuador, a mummy discovered off the Florida coast and an 11-foot Eiffel Tower made entirely of matchsticks. The simulation ride mixes motion and action-packed screen images for what is billed as a "pulse-pounding" experience. No doubt.

New ways to play Gulf World Marine Park has opened a new reptile exhibit in its Tropical Gardens, home to hundreds of tropical animals and plants. The park continues to offer dolphin shows in Dolphin Stadium, where the SplashMagic Laser Show is presented nightly. Interactive programs include Meet the Dolphins, Swim with a Dolphin and the six-hour Trainer for a Day. Coconut Creek Family Park's newly refurbished, 18-hole miniature golf courses take families on an African safari through a jungle of exotic plants and animals, including lifelike statues. The park's Gran Maze, which is larger than a football field, is inspired by the South Pacific Islands.

ZooWorld Zoological & Botanical Park recently completed a 200-seat arena for its Bengal Tiger Show, which educates and promotes the preservation of Bengal and white tigers. The new "Going Wild!" show features up-close encounters with exotic birds. Different strokes Soon after the Nicklaus Course at Bay Point opened last fall, becoming the only course in northwest Florida designed by Jack Nicklaus, Travel + Leisure Golf named it "one of the most worthy redesigns and notable debuts in the state." The par 72 course replaces the Lagoon Legends course. There is also a premier golf/resort/housing development on the West End of Panama City Beach designed by Greg Norman—offering world class golf, upscale homes and condos in a nature preserve rivaling any on the planet.

Spiffed-up park At Frank Brown Park, which has undergone a $50,000 renovation and expansion, a state-of-the-art aquatic center opens this spring, with a 50-meter, Olympic-size outdoor pool; splash pool with play features; concessions, and classrooms. On the horizon Future development includes Pier Park, a 900,000-square-foot parcel running from Front Beach Road at the Pier to Panama City Beach Parkway. The family entertainment venue being developed by the Simon Property Group will include Back Porch Seafood House, Reggae J's Island Grill, Panera Bread, Starbucks, Old Navy, a Ron Jon Surf Shop and the 16-screen Southern Theaters. The planned opening of the first phase of the park is spring 2007. While it's exciting to witness the 21st-century changes in PCB, it's hard not to get a bit wistful for bacon-and-scrambled-egg mornings at the Green Star Motor Court and neon-filled nights on the boardwalk in Long Beach.

Along with the shorebirds of Panama City Beach, Fla., you'll see plenty of flightless cranes -- the construction variety.

Florida's Panhandle is known for its sugar-white beaches. A splashy ride on a banana boat defines what family vacations are about at Panama City Beach, Fla.

IF YOU GO Getting there • Driving: (From Atlanta) Take I-85 south to I-185 south, then take Exit 10 (U.S. 80) west toward Phenix City, Ala., then south on U.S. 280/431 until U.S. 431 splits off. Proceed south to Dothan, Ala., and follow signs to U.S. 231 south via the bypass. Continue south to U.S. 98 and follow signs to the beaches. • Flying: Delta offers several direct nonstop flights daily, but expect to pay $320 round trip. -- Where to stay The options seem endless, with everything from campgrounds to RV parks to moderate hotels and luxury resorts and condominiums. These are some of our favorites: • Edgewater Beach Resort features Gulf-view suites, golf villas, 12 pools, 36 holes of golf, a restaurant, pool bar, health club and spa. 1-800-874-8686, www.edgewaterbeachresort.com. • Holiday Inn Sunspree Resort is a great choice for families. Its amenities include two restaurants, a fitness center, cascading waterfall pool and kiddie pool, secluded hot tub, indoor and outdoor game rooms and children's activities. 1-800-633-0266, www.hipcbeach.com. • ResortQuest's Gulf-side resorts include Celeadon, Grandview and Treasure Island with Seychelles, Sunrise and Tidewater all opening this year. 1-888-248-5570, www.resortquestnwfl.com/pcbcvb. Where to dine Again, there are numerous great places to eat fresh seafood or tuck into a juicy steak. The food isn't necessarily the draw, though, at some popular beach restaurant/bars. Our faves (mainly because they're on the water):

• Schooners is billed as "the last local beach club." Come barefoot and grab a table overlooking the beach. Hey, you can even take a dip while you wait for your shrimp or grouper. Casual doesn't begin to describe the laid-back ambience. 850-235-3555, www.schooners.com. • Pineapple Willy's is a beach hotspot. Gotta love those Jack Daniels barbecue ribs. Try to get a table on the pier. 850-235-0928, www.pineapplewillys.com. • Sharky's is another fun and funky open-air joint on the beach. There's even a kids' playground. Grab a fried shrimp basket and a margarita and you can't go wrong. 850-235-2420, www.sharkysbeach.com. • Capt. Anderson's Restaurant & Waterfront Market. Overrrated? Maybe. Worth the wait? Maybe. But you've got to dine at least once at this landmark restaurant. Go for the Greek-inspired seafood dishes. 1-888-878-6750, www.captanderson.com. -- Information • Panama City Beach Convention & Visitors Bureau: 1-800-722-3224, www.thebeachloversbeach.com.

Port Panama CityIntermodal Distribution Center

MITIGATION AREA

0 300 600 900 1,200FEET

Port Panama City Intermodal Distribution Center

• 32,500 workers available

• Competitive tax structure

• Low ultility rates on electric and natural gas

• Abudance of water

• Rail, Port, Highway, and Air access

• Local and state incentives available

Area Highlights

LOCATION The Intermodal Distribtion Center is located on Highway 231 in beautiful Panama City, Florida. Panama City is located 98 miles southwest of Tallahassee, 80 miles south of Dothan, 100 east of Pensacola, FL and approximately 300 miles from Atlanta, Jacksonville and New Orleans.

SITE DATA 273 Acres (Zoned Industrial, Bay County) with no existing structures. Site is subdividable and expandable

UTLITIES Electric: Gulf Power Company Capacity: 20,000 KW Natual Gas: TECO People’s Gas Line size: 6’’ Water: City of Panama City Line size: 12’’ Sewer: City of Panama City Line siz: 8”

ACCESS Adjacent to U.S. Highway 231 with proximity to U.S. High-way 98; Interstate 10; State Highways 20, 77, and 79

TRANSPORTATIONAir: Panama City/Bay County International Airport Distance: 15 milesPort: Port Panama City Distance: 5 milesRail: Bayline Railroad Distance: on siteTruck: All common carriers and several contract and commodity haulers

PRICE Starting at $30,000 per acre

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WHATLEY & DARTY REAL ESTATE & DEVELOPMENT

22200 PCB PARKWAY, STE D PANAMA CITY BEACH, FL 32413

Angie Wiggins, Realtor Cell 850-319-1005

Office 850-249-5577 Email: awiggins@whatleydarty.com