St. Joe, Flournoy form joint venture to build new apartment community in Florida

WCN Editorial Team 22 Jan 2020 NORTH AMERICA BUILDINGS

The St. Joe Company and Flournoy Development Company have formed a joint venture for the development of a new 300-unit apartment community in Panama City Beach, Florida.

The new apartment community is expected to be located off the US Highway 98, near the Breakfast Point community.

The plans indicate that the new apartment community could have four four-storey buildings with 300 one-, two- and three-bedroom apartment homes, available for lease. The buildings will also include elevators and air-conditioned corridors.

Expected to be a gated apartment community, it could include amenities such as resort-style pool area, wellness and health studio, playground, covered boat and RV parking, dog parks along with pickleball courts.

The proposed location of the project is claimed to be in close proximity to local schools that are less than two miles from the Gulf of Mexico and is within walking distance to several shopping and dining options.

St. Joe commercial real estate senior vice president Dan Velazquez said: “This apartment community gives St. Joe an opportunity to partner with an industry-leader in Flournoy to meet the current and future demand that we are seeing in Panama City Beach.

“We look forward to the construction of these apartment homes and making them available for lease to prospective residents.”

The new apartment is the third new project in the St. Joe portfolio and second in Bay County, Florida. When completed, the three projects will include 877 apartment homes.

For Flournoy, the project will be its 271st apartment community that it has developed since its establishment in 1967.

Flournoy president and CEO Tom Flournoy said: “We are amazed at how Panama City Beach has been able to accelerate its growth and become a leader in Northwest Florida. Our partnership is looking forward to creating a top-of-the-market luxury rental community.”

While the site development and construction could begin immediately, the apartment homes will be available for lease from next summer.

In July 2019, St. Joe had started the development of Titus Park, a new residential community in Panama City. The new project will be a large scale, multiphase community with up to 1,000 homes, sitting on 600 acres of land. The first phase will include 154 homes.

Titus Park is part of at least 30 new residential and commercial projects that the company had initiated last year.

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Image: Rendering of St. Joe’s new apartment in Panama City Beach. (Credit: THE ST. JOE COMPANY/Business Wire)

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