The Panama City Marina redevelopment project moved forward Thursday night as developer Bob Sonnenblick delivered his feasibility study to the Panama City commission. The study outlined what is and what is not financially possible for the project. The study reveals total costs at about $250 million which includes two hotels, one Marriott SpringHill Suites and a Hilton branded hotel. Also there would be an apartment complex, movie theater, and various stores and renovations to the boat slips. The Civic Center may also feature something unique for the area, a rooftop event space.
California developer Bob Sonnenblick revealed several aspects he found not financially feasible like increased free parking, a lighthouse and green space.
The city is now reviewing the study.
“When we received that feasibility study on Thursday, we sent all the information and documents to our economist, that is a hired consultant that is really going to dig into those numbers and analyze them and be able to provide some information to our mayor and commissioners,” said Panama City public information officer Caitlin Lawrence.
But there’s still a lot up in the air, like how the project will be paid for and how to fund the $30 million dollar parking lot if the city doesn’t want to charge for parking.
“We imagine the economist will have some questions for the developer so it will take some time for him to pull his opinions together and present them to the commission,” said Lawrence.
Sonnenblick said the completed project will generate nearly $5 million dollar in new tax revenue each year. The city plans to discuss the economist’s report at the city commission meeting on February 27th.