New Condo Development in Panama City Beach
PANAMA CITY BEACH - Panama City is quickly transforming into one of the hottest beach communities with attractive offerings for visitors and homebuyers. The area will soon be home to a new international airport, and Panama City Beach will offer a new-urbanism city plan, new restaurants, shopping and entertainment venues and a new housing community that’s upscale and affordable.
Island Reserve, scheduled to open in spring 2008, includes a mix of flats and cottage-style townhomes centered around the Panhandle’s largest residential swimming pool. The pool holds more than 295 thousand gallons of water and along with the deck area, encompasses more than an acre. A large community center offers an indoor basketball and sports court, a fitness center, a meeting/gathering room, business center, billiard room and media room with a 100-foot theater screen.
“The developers wanted to give Island Reserve an old Florida feel with a strong sense of community,” said Jeanne Carter, a broker and consultant with Creekstone Companies. “Families want to enjoy the beach, but ultimately they want to have fun together. Island Reserve offers them an abundance of activities without having to leave the property.”
Many of the homes have decks and patios that face community courtyards with water features and lush tropical landscaping. The interiors are spacious with open floor plans. Upscale amenities include granite countertops, stainless steel appliances, some wine coolers, travertine and bamboo flooring. Residents can select from one, two and three-bedroom homes priced from $317,000.
Island Reserve is just one of several new developments in Panama City Beach. Business 2.0 and Money magazine named the area the best market to invest in 2006. A $330 million airport will be completed in 2009 or 2010 that is projected to attract a half million visitors each year. It is the first international airport to open after 9/11. The city’s Front Beach Road Community Redevelopment Area is leading the way to transform the street once known as “The Miracle Strip,” into a family-friendly avenue with lush landscaping, bike trails and parks. Simon Properties has opened Pier Park, the centerpiece for the area’s retail, shopping and entertainment, and Ripleys Believe It Or Not! Museum opened last year.
“The market is rebounding here,” Carter added. “Condominium, retail and office projects are under construction, and absorption of new product is up. Prices here are still well below the national average, and with continuing low interest rates, it’s a good time to buy.”
Island Reserve is located on more than 20 acres of land at 8700 Front Beach Road in Panama City, about 1 mile from the beach. The sales office is open daily with tours of the model home available. For more information, call (850) 249-8771 or visit http://www.islandreserve.net.