PANAMA CITY — The purchasers of a 35-acre tract of prime commercial land in Panama City announced Thursday plans for “Bay City Point,” a 250,000-square-foot shopping center with potential to create 850 new full- and part-time jobs in the area.
Ledbetter Properties LLC, a family-owned real estate development and management firm based in Rome, Ga., will develop the property at the corner of State 77 and 23rd Street, alongside owners Hawkins Point Partners and local developer DeMedici Investments.
Wright Ledbetter, chief operating officer at Ledbetter investments, said although it’s too early to discuss potential tenants for the development, many already are interested in the location.
“At this point, we are seeing great interest in the property and are working through the process of putting together a top quality, mixed-use commercial development,” he said. “I think the redevelopment of this site will create a highly sought after location for retailers and restaurants.”
Ledbetter said the partners intend to take their time on the project, citing mid-2016 as the earliest they could welcome new businesses.
Panama City Mayor Greg Brudnicki described the property as a hub for the city and county, and said the new development will help breathe life to a site that has long been dormant.
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 city of Panama City is extremely excited that Ledbetter Properties has closed on this ... site in the center of the city’s retail district,” Brudnicki said. “I know that something spectacular is in the works for Panama City that will have a huge economic impact and benefit to our city and our citizens.”
Ledbetter echoed Brudnicki’s comments about the property’s location.
“The property’s location is unbeatable. ... To have a large piece of undeveloped property in the center of a retail district in Panama City, in any city, is very unusual,” he said. “The key thing is, we’re just really excited to have this opportunity to come down to Panama City and create something that everyone will be proud of.”
