PANAMA CITY — The developer looking to purchase Tan Fannies said Thursday the two sides still are working through a deal but had to push back the closing deadline to Sept. 25.
The developer, who asked to withhold her name until the deal is finished, added the representative for Tan Fannies has been out of town on vacation and that some documents still are needed. There has been some negotiation over the purchase price of the property, which is listed at $1.9 million.
The plan for the property is still to build a hotel, possibly with a retail business on the bottom floor. The developer said other pieces of land may come available for the project, but only after the deal for Tan Fannies is closed. If the deal falls through, the developer has another piece of land in Mexico Beach where she would place the hotel.
“This is a once-in-a-lifetime situation for St. Andrews,” the developer said. Tan Fannies “is the one thing preventing the area from growing.”
Development at Tan Fannies would be one of two planned soon within a two-block area along Beck Avenue. Cabana Motel owner Loren Smith said he plans to convert the long-closed motel into a boutique-style shopping center.