PANAMA CITY, Fla. (WMBB) — On Tuesday, the City of Panama City commission officially approved The St. Joe Company’s lease agreement to build a hotel and restaurant at the Panama City Marina.
The St. Joe Company will be required to pay all property taxes for the property and the lease payment will be determined based on room rates.
Mayor Greg Brudnicki said now that the lease has been approved, the St Joe Company can take the next steps in developing the project.
“They’ll start their soft costs now, they’ll start doing some examinations, they’ll get out there and start doing some soil borings and the city will continue to fix the bulkheads,” said Brudnicki.
This is a 60 year lease and with approval from the commission it can be extended to up to 90 years.
Representatives from The St. Joe Company are hoping to break ground on this project early next year.