It would be one of the largest growth surges in the company's history, local brokers familiar with St. Joe's market share, tell GlobeSt.com.
St. Joe itself didn't make the announcement. The Bay County Commission voted 3-to-1 to approve St. Joe's 16,556 acres in western Bay County for new development. The company's long-range plans, according to the commission, include the development of 350,000 sf of commercial, 625 residential units and a 150-room hotel in the first phase. The second and third phases of the multi-million-dollar venture would comprise 3.9 million sf of industrial-commercial-retail space, 4,917 residential units, a 40-room inn and a 50-slip marina.
The project would be built near the proposed 4,000-acre site of the planned relocated Panama City-Bay County International Airport. That undertaking needs to be approved by the Federal Aviation Administration. The two projects, totaling 20,556 acres, also need to be reviewed by the Florida Department of Community Affairs.
In a prepared statement, the Bay County Commission says St. Joe has promised to donate the 4,000-acre site to the Airport Authority, along with an additional 10,000 acres for environmental mitigation. The mitigation lands would become part of the West Bay Conservation Area. The commission also says St. Joe also has promised to donate lands for public facilities related to the company's development activities in the second and third phases in the West Bay area. The lands include sites for five public schools, two regional parks, a waste-water treatment plant, libraries, right-of-way donations and public safety facilities.
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