PANAMA CITY — Plans for a new shopping center are in the works for a piece of property pegged as Panama City’s “most desirable” commercial location.
An investment group closed on the sale of the 35-acre lot at the southwest corner of State 77 and 23rd Street last week, purchasing the property for $7.7 million with the help of Jim Everitt of Counts Real Estate Group, who handled the sale.
“This is the most desirable commercial site in Panama City,” Everitt said. “Every major retail company in the country, every major developer in the country ... and many Realtors in the Southeast over the decades have tried to do a deal on this property and it just never was available.”
The property, across from the Panama City Mall, previously was owned by the Hawkins family, who ran an automotive salvage business on the site for many years. The site had been listed on the market for about two years.
“It’s at the corner of Main, Main and Main,” Everitt said. “All the commercial activity is in that general area.”
According to Everitt, the new owners plan to bring in several major retailers and restaurants not currently operating in the Panama City market for the center, which is expected to be named “Hawkins Point.”
The purchaser, Hawkins Point Investors, is now in the process of permitting and negotiating with potential tenants, and expects to have an initial announcement within the next few months, followed by land clearing and construction.
Everitt described the sale as a big win for Panama City, which has seen several major retailers migrate across the bridge to Panama City Beach in recent years.
“Panama City was taking the brunt of the businesses moving to the beach; the beach was reaping the benefits,” he said. “The real story is, I think you’ll find there are tenants moving to the beach that will move back in town.”
While the beach continues to attract more and more visitors every year, Panama City’s population remains higher year-round.
“I think the tenants have gotten caught up in the glitter of tourism,” Everitt said. “Would you go on vacation and go to Michael’s? Probably not.”