PANAMA CITY, Fla. (WMBB) — Panama City commissioners have green-lighted a new waterfront condo in The Cove.

A 60-unit development will sit on the old Tibbets Boat Works property by Tarpon Dock Bridge. 

Many people in the area like Austin Abrams, the Manager of Greg Abrams Seafood and Owner of Hunts Oysters, remembers when this empty waterfront property was once bustling with activity.

“It’s been there since I was a kid,” Abrams said. “It used to be an old shipyard where they used to work on boats.”

In the early 2000s, the boat works closed and developers proposed a high-rise condo. Those plans didn’t materialize then.

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But now the property will have a new life as a 60-unit condominium overlooking Massalina Bayou.

“Bay County is growing tremendously by the month,” Abrams said. “People are struggling to buy houses and rent housing… This is perfect.”

The plan includes two five-story buildings and a marina with 49 wet slips.

Abrams said this condo will be great for business on the water and on land.

“You’ve got St. Joe building on the marina, and then you’ve got everything going on downtown right now so this is perfect timing,” Abrams said.

Panama City Mayor Greg Brudnicki said the lift station currently on the property will be moved to a new location. 

“We are going to take an eyesore and really turn it into something beautiful,” Brudnicki said.

Brudnicki said he’s excited to bring more permanent residents is crucial to the city’s vision for the rebirth of downtown. 

“With the streetscape, you will have more people walking up and down the streetscape that we’re just getting ready to do now and more people to support the businesses downtown, so it is an exciting thing,” Brudnicki said.

As of now, the developers do not have a set timeline for completing the condos, but they said they hope to break ground as soon as possible.