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SweetBay Town Center Selects SVN to Market Massive Project
PANAMA CITY, FL—The developer of one of the largest infill projects currently under construction in Florida—SweetBay Town Center in Panama City—has…
By John Jordan | July 18, 2019 at 06:38 AM
A rendering of SweetBay Town Center in Panama City, FL.
PANAMA CITY, FL—The developer of one of the largest infill projects currently under construction in Florida—SweetBay Town Center in Panama City—has selected commercial real estate brokerage firm SVN to lead the marketing effort for the project.
The St. Andrew Bay Land Co., part of HomeFed Corp., developed the concept for the SweetBay Town Center a few years before Hurricane Michael, which made landfall last October as a Category 5 storm. Community leaders are looking at the development project as a vital means of boosting the economy of the state’s northwest region battered by the hurricane.
With 3,200 residential units approved for building, the 700 acres will be the core of the existing SweetBay Planned Development Community built on the site of the old Panama City Regional Airport. Many of the homes have already been sold during the initial phase. A 300-unit Class A apartment project is also planned.
“We’re so looking forward to the continued development of this community and working with the people at SVN,” says Jacob Fish, director of development, St. Andrew Bay Land Company. “SweetBay is one of the Florida Panhandle’s premier spots to live, and we’re encouraged to see all the plans in store for this community. The future here is exciting.”
SVN experts in land, marina, retail and multi-family from around the state of Florida have commenced marketing efforts to bring the project to fruition. Leading the team of five SVN offices involved in the effort is SVN Lotus of Sarasota. The commercial brokerage firm is headquartered in Boston.
“This is such a remarkable community and we’re delighted to be involved in this effort,” said Ashley Bloom, SVN Lotus managing director. “It’s a gem on the shoreline, a wonderful place for families to raise children. With the bay access, there’s a host of recreational activities available. People can access the Town Center easily, via golf carts – its good living.”
SweetBay’s amenities include five miles of bay access to residents, a planned marina village, nature trails, an initial pool and sports court, and the University Academy—a free K-8 public charter school in 2018.
“SweetBay is a vital part of Panama City’s rebuilding effort, which is more than just a restoration: We’re growing our economy and community to become the premier city in the Panhandle,” said Mark McQueen, city manager, Panama City. He added that the effort will include the addition of multi-family housing, boutique retail shops, restaurants, coffee shops, gyms, a grocery store and more.
“We plan to attract commercial industries, such as retail, hospitality, aviation, maritime, manufacturing,” he said. “These are all desperately needed for Panama City to thrive.”
In March SVN Lotus was selected to market and manage the sale of a full city block in Downtown Sarasota. Located on Main Street, the property is comprised of three parcels and is located in a federally-designated opportunity zone. It features three existing buildings generating cash flow, but also has significant development potential.