The Panama City - Bay County International Airport and Industrial District (Airport Authority) announced today that the United States Second Circuit Court of Appeals (Court) has vacated its stay that limited construction for the relocation of the Panama City - Bay County International Airport on property donated by The St. Joe Company (NYSE: JOE).
“We are grateful to the Court for its time, attention and judgment,” said Airport Authority Vice Chairman Bill Cramer, who attended the hearing in New York City. “We will now move forward with all due speed to complete this project and deliver its aviation, economic and evnironmental benefits to Bay County and Northwest Florida.”
The order from the Court noted that the four criteria are relevant in considering a stay: “. . .the likelihood of success on the merits, irreparable harm if a stay is denied, substantial injury to the party opposing the stay if one is issued and the public interest.”
The order concluded, “. . .having reviewed the briefing on appeal and the administrative record before the agency, and having heard oral arguments on the merits on January 23, 2008, we now conclude that these factors balance in favor of the respondents (The FAA and the Airport Authority).”
“We appreciate the fact that the Court expedited this final hearing,” Cramer said.
The New York City-based National Resources Defense Council (NRDC), Defenders of Wildlife and Friends of PFN (a small group of Bay County, Florida, recreational pilots) initiated the petition for review.
For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:
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For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida
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Wednesday, February 6, 2008
Monday, February 4, 2008
Florida Trend Panama City Beach Florida Airport Update
Airport Growing Pains
Northwest Florida's attempt to build a new airport is not out of the woods yet. A court ordered limited construction.
Northwest Florida's attempt to build a new airport is not out of the woods yet. A court ordered limited construction.
In November, proponents of the new Panama City-Bay County International Airport were flying high. After more than a decade of wrangling, officials broke ground on what will be a state-of-the-art airport 20 miles northwest of the city on land donated by St. Joe Co. Less than a month after the ceremony, a New York court ordered construction to stop then reversed itself, allowing limited construction.
The controversy is par for the course for the northwest Florida airport, which has been under discussion since the late 1980s and in the formal planning process since 2000. While opponents cry that the airport, on raw land near State Road 79 and County Road 388, will cause significant environmental damage, business leaders say it is critical to northwest Florida’s real estate, tourism and defense-related industries. “It’s the centerpiece of our economic development plan. It’s the centerpiece of our land-use plan,” says Ted Clem, executive director of the Bay County Economic Development Alliance.
Panama City’s current airport, only three miles from downtown, is hemmed in on three sides by residential development and by water on the fourth side. Joe Tannehill, chairman of the Panama City-Bay County Airport Authority, says that the main landing strip does not meet FAA guidelines for length. Environmentalists opposed extending the runway into Goose Bayou in the late 1980s, which led to the idea for a new airport.
The number of flights has dropped off dramatically at the current airport, says Tannehill, and the current facility, which handles about 350,000 passengers a year, is losing 15,000 passengers every month. The airport is one of the most expensive in the state to fly into and out of, serving only Atlanta, Memphis, Orlando and Cincinnati with direct flights. Clem says a priority for the new airport is a direct flight to Washington, D.C., a route that would help the area’s military-related businesses. Along with D.C., New York and Chicago are also high on the list.
The new airport will have an 8,400-foot runway (compared to 6,304 at the current airport), which is permitted for up to 12,000 feet, and a 5,000-foot crosswind runway. There’s also room for a second 8,400-foot runway if needed. Tannehill expects the cost to come in at $312 million to $313 million — less than the $331 million originally slated. The state will pay about $110 million and the FAA $90 million. Much of the rest will come from financing related to the sale of the current airport.
‘Joe’ knows
No one needs the new airport more — or has pushed for it harder — than Jacksonville-based St. Joe Co., Florida’s largest private landowner with 800,000 acres, primarily in northwest Florida. In the 1990s, the company embarked on developing more than a dozen residential and resort communities, including WaterColor and WaterSound in Walton County, SouthWood in Leon County and SummerCamp in Franklin County. To help spur development of a new airport, the company donated 4,000 acres of its 75,000-acre West Bay property and, with the support of the National Audubon Society, set aside 40,000 acres for a preservation area. St. Joe wants to develop the property around the new airport with commercial and residential development. Phase one is slated to include 4.4 million square feet of industrial, commercial and retail space, 5,842 residential units, 490 hotel rooms and two marinas.
“With a link to Panama City’s deepwater port, we believe this airport has significant unique competitive advantages and ‘Joe’ is positioned to work with dynamic third-party developers and end users to be operational when the new airport opens,” said St. Joe Chairman and CEO Peter S. Rummell in a statement announcing the airport groundbreaking.
A key for St. Joe is getting the “third-party developers and end users” interested in the property, which necessitates the upgraded airport. St. Joe’s fortunes have fallen dramatically since residential real estate sales began declining in late 2005. For the quarter ended Sept. 30, the company posted a loss of $6.8 million and in early October announced a massive restructuring that includes an increased focus on strategic business partners.
Economic development leaders are counting on St. Joe’s West Bay development to help more than St. Joe. “I think it’s important as far as the region being part of the global economy,” says Port Panama City Executive Director Wayne Stubbs. Bay County economic development authority’s Clem has a more immediate interest. “It’s the ability to create jobs,” he says, citing the 3,000-acre commercial and industrial center adjacent to the airport that is part of St. Joe’s first phase. He sees the airport and the surrounding area as a key economic driver. Says Clem, “It’s a once-in-a-generation opportunity for Bay County citizens.”
For more information on available properties in and around Panama City, Panama City Beach, Destin Flordia, please see below.
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www.destin-florida-condominiums.info
www.destin-florida-commercial-real-estate.com
Friday, January 4, 2008
Panama City Beach Florida Condominium Sales up 15%
Panama City Up 15% in Existing Condo Sales Statewide
Florida Association of REALTORS® (FAR) releases November 2007 home/condo resales data
Panama City, Florida, January 3, 2008
Panama City Real Estate Market continues to show positive trend Florida Association of REALTORS® (FAR) this week released sales data for November 2007 existing condos and homes, and Panama City continues to stays ahead of the statewide curve.
Statewide, sales of existing condos declined 29 percent (2,375 units closed for November 2007 compared to 3,356 for November 2006). In contrast Panama City shows a net increase of 15 percent (31 existing condo units closed in November 2007 compared to 27 closings in November 2006) for the second best showing in the state, only to Fort Pierce-Port St. Lucie. Panama City is followed by Daytona Beach with a 6 percent increase, with all other areas of the state posting negative percentage numbers.
In sales of existing single-family homes, November 2007 shows a statewide decline of 30 percent (8,106 units closed in November 2007 compared to 11,609 in November 2006) while Panama City shows a net decrease of 21 percent (85 units closed in November 2007 versus 107 units closed in November 2006). This places Panama City in fifth best position statewide only to Fort Walton Beach, West Palm Beach, Sarasota, Melbourne and Daytona Beach.
Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 9% reduction in November 2007 versus November 2006 and existing condos seeing a 12% reduction for the same period. Efforts continue on the part of REALTORS® to educate sellers about realistic expectations while buyers continue to recognize the potential for long-term sustainable growth in Panama City and Northwest Florida.
See more of the available Homes online at www.panama-city-beach-florida-mls.com and the condos available at www.panama-city-beach-florida-condominiums.com and of course sign up for more information about what's happening in the Panama City and Panama City Beach Florida Real Estate markets at www.RandBCoastalRealEstate.com.
Florida Association of REALTORS® (FAR) releases November 2007 home/condo resales data
Panama City, Florida, January 3, 2008
Panama City Real Estate Market continues to show positive trend Florida Association of REALTORS® (FAR) this week released sales data for November 2007 existing condos and homes, and Panama City continues to stays ahead of the statewide curve.
Statewide, sales of existing condos declined 29 percent (2,375 units closed for November 2007 compared to 3,356 for November 2006). In contrast Panama City shows a net increase of 15 percent (31 existing condo units closed in November 2007 compared to 27 closings in November 2006) for the second best showing in the state, only to Fort Pierce-Port St. Lucie. Panama City is followed by Daytona Beach with a 6 percent increase, with all other areas of the state posting negative percentage numbers.
In sales of existing single-family homes, November 2007 shows a statewide decline of 30 percent (8,106 units closed in November 2007 compared to 11,609 in November 2006) while Panama City shows a net decrease of 21 percent (85 units closed in November 2007 versus 107 units closed in November 2006). This places Panama City in fifth best position statewide only to Fort Walton Beach, West Palm Beach, Sarasota, Melbourne and Daytona Beach.
Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 9% reduction in November 2007 versus November 2006 and existing condos seeing a 12% reduction for the same period. Efforts continue on the part of REALTORS® to educate sellers about realistic expectations while buyers continue to recognize the potential for long-term sustainable growth in Panama City and Northwest Florida.
See more of the available Homes online at www.panama-city-beach-florida-mls.com and the condos available at www.panama-city-beach-florida-condominiums.com and of course sign up for more information about what's happening in the Panama City and Panama City Beach Florida Real Estate markets at www.RandBCoastalRealEstate.com.
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